Composition scheme

Direct Taxation

Say current year opted for composition scheme and in the middle of the yer turnover exceeds 1.5 core , so he cannot continue in composit scheme right ????

nisam M

CA Final

★ 23K+

21-May-22 13:58

456

Answers (5)

yes when the turnover exceeds the prescribed limit in the middle of the year, he has to pay tax at normal rates.

Ramacharana B

CA Final

★ 2K+

21-May-22 14:07

Yesâ?¦He has to convert to normal scheme

Swetha S

CA Inter

★ 15K+

21-May-22 14:12

Yes he can't. From the day his TO exceeds specified limit, he need to pay tax in normal tax rates

Be The Change

CA Inter

★ 11K+

21-May-22 14:12

Yes he has to opt normal scheme

Priyanka R

CA Final

★ 20K+

21-May-22 16:16

From the date when the turnover has exceeded the limit , from then he is liable under normal scheme

Avasarala Vivek Aditya

CA Inter

★ 6K+

21-May-22 16:50