Concept of gross turnover- tax audit
This query is : Resolved
17 September 2013
Whether income received in the form of "Interest on Loans And Advances " is considered under gross receipt / gross turnover of business for tax audit purpose FOR PARTNERSHIP FIRM FOR FY 12-13
17 September 2013
what is the business of partnership firm only then i can reply of the query........
17 September 2013
NATURE OF BUSINESS IS AS FOLLOWS
1) Sales - Fabrics, 2) Receipt - Tailioring, Embroidary and Designing Charges, 3) Receipt - Rent
1) Sales - Fabrics, 2) Receipt - Tailioring, Embroidary and Designing Charges, 3) Receipt - Rent
17 September 2013
Interest on loans and advances is not considered while determining turnover for the purpose of tax audit.
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