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
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.
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