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definition of turnover

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Querist : Anonymous

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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
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Rishab Mathur

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Rishab Mathur (Expert)
29 May 2010 For income tax purposes the term turnover means sales only
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
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.
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