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Sec 10(2A)

Will the concessional rate of tax also lapse (just like composition scheme) when aggregate turnover exceeds 50 lakhs.


boddireddy bhargavi

boddireddy bhargavi

CA Inter

740

11-Nov-20 12:09

40

Answers (5)

Yes.


Suraj Lakhotia

Suraj Lakhotia

Admin

11-Nov-20 15:43

Yes


YOGESH JAISWAL

YOGESH JAISWAL

CMA Inter

5

11-Nov-20 17:48

If I'm eligible for concessional rate and my aggregate turnover is say 55 lakhs in this financial year. Can I still pay on concessional rate of 3+3% on 35lakhs? Or pay 3+3% on 30 lacs (assuming 20 lac registration limit), as option lapses at 50 lakhs and pay on remaining 5 lakhs at normal rates. Or is it 3+3% upto 70lakhs(assuming 20 lac registration limit), becoz of provision saying 3+3% on first supply upto an aggregate turnover of 50 lacs.


boddireddy bhargavi

boddireddy bhargavi

CA Inter

740

12-Nov-20 15:09

Please clarify.


boddireddy bhargavi

boddireddy bhargavi

CA Inter

740

12-Nov-20 15:10

Once turnover crosses 50 lakhs we cannot continue under concessional scheme. However, on first 20 lakhs of turnover before registration we do not pay tax


Shiva Teja

Shiva Teja

Faculty

12-Nov-20 16:38

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