Concept of gross turnover- tax audit

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KALPESH SAINDANE (Querist)
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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

CA Parul Saxena

CA Parul Saxena (Expert)
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17 September 2013 what is the business of partnership firm only then i can reply of the query........

KALPESH SAINDANE

KALPESH SAINDANE (Querist)
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17 September 2013 NATURE OF BUSINESS IS AS FOLLOWS
1) Sales - Fabrics, 2) Receipt - Tailioring, Embroidary and Designing Charges, 3) Receipt - Rent

CA Parul Saxena

CA Parul Saxena (Expert)
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17 September 2013 Interest on loans and advances is not considered while determining turnover for the purpose of tax audit.

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