Hello All Good Day
i have a doubt in calculating the gross profit. how to determine the turnover is it inclusice of tax paid and collected or it is with out the tax.
Thanks
Ameer Manathat (Accountant) (25 Points)
05 April 2015Hello All Good Day
i have a doubt in calculating the gross profit. how to determine the turnover is it inclusice of tax paid and collected or it is with out the tax.
Thanks
J. K. Ratan
(Compliance Advisor)
(794 Points)
Replied 06 April 2015
Dear Sir
Turnover means all incomes excluding Taxes, Returns, or any extra ordinary receipts.
But in context to section 44ad (presumptive basis) Turnover includs all taxes too.
Ameer Manathat
(Accountant)
(25 Points)
Replied 06 April 2015
But in ITR FORM-5 , Part A- P&L Sub Section 1, b there is field to enter VAT/Sales TAX
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