definition of turnover
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2010
Kindly Clear me the definition of turnover for the purpose of sec.44AB of income tax act 1961.
eg: if sale does not exceeds 40lakhs rupees but purchase exceeds Rs. 40 lakhs, whether sec. 44AB will be applicable or not
eg: if sale does not exceeds 40lakhs rupees but purchase exceeds Rs. 40 lakhs, whether sec. 44AB will be applicable or not
Rishab Mathur
(Expert)
29 May 2010
For income tax purposes the term turnover means sales only
29 May 2010
Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales turnover or gross receipts in business exceed forty lakh rupees in the previous year. (Revised limit is Rs.60 Lacs from Fy 2010-11).
So only sales to be considered in your case.
So only sales to be considered in your case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
