What is the exact defination of Turnover for determination of TAx Audit critiria under Income Tax Act.whether ICAI has issued any gauidness note for this. also if any court decision has come kidnly let me know.
22 November 2007
Dear Sampat Ji above mentioned guidance note not covered the defination of turnover in case of Future & option trading in stock market kindly provide me the exact defination
21 May 2008
Profit/Gain that you enjoy from trading in FUTURES & OPTIONS is treated as business income. A company whose turnover i.e. either Purchase or Sale of shares exceeds Rs.4000000/- comes under the pursuit of TAX Audit.
CAclubindia
