calculation of turnover
This query is : Resolved
SRI SRINIVAS
(Querist)
06 March 2017
i have doubt on calculation of turnover. for example my purchase( excluding vat) 2400000 and sales (excluding vat) 2700000. input tax ( VAT) 400000 and output tax ( VAT) 450000. so now my doubt is how to calculate turnover. turnover includes total sales and excess VAT I paid or sales and total output VAT I paid ???
Sandeep Dharar
(Expert)
07 March 2017
Turnover means actual sales and it should not include any government duties & taxes.
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SRI SRINIVAS
(Querist)
07 March 2017
for income tax purpose can consider VAT or not ??
Sandeep Dharar
(Expert)
07 March 2017
for all
SRI SRINIVAS
(Querist)
07 March 2017
OK thank you
02 October 2021
Only under presumptive assessment under Income Tax act, the turnover is inclusive of all such taxes.
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