Quote from: webtricks on May 17, 2019, 04:50:00 AM

Quote from: newIndia on May 16, 2019, 11:07:49 PM

Quote from: webtricks on May 16, 2019, 06:43:29 AM

Quote

Remember, if the total volume is over 20L INR, you need GST registration.

Only if Business Receipts/Turnover is above 20L, right? GST and Income Tax are two separate domains. Last year my total income did exceed 20L but I smartly distributed it among 5 heads of income and income under 44ADA was lower than 20L. I showed excess as Capital Gains and Other Incomes. Hence I was free from the burden of GST.

What do you mean by distributed it among 5 heads of income? Do you mean you showed it under 5 different PAN?

There are five heads of income while filing income tax returns:

Salary Income
Income from House Property
Profit from Business and Income
Capital Gains
Other Incomes

Only third income i.e. PGBP is subject to GST charge. So if you earning in any other head then your income isn't subject to GST. You have to pay Income Tax only. So what I did, I make sure my receipts in third head are below 20L so the question of GST doesn't arise.
Else I filed income return from single PAN only, not 5 lol.

If your total income from crypto sale was 20L+, then how did you show them under Salary Income and Income from House Property? Salary Income requires quotation of your employer's pan and Income from House Property must require some kinda document to identify the property. Is not it?

I understand the Profit from Business and Income, Capital Gains and Other Incomes parts though...