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
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Is turnover inclusive of tax paid or exclusive of tax paid
Replies (2)
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.
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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