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definition of Turnover

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03 October 2009 Sir, I want to know the definition of TURNOVER u/s 44AB. Whether it includes purchase also?

Jay Sharma
9852414131

03 October 2009 Value of purchases will not come under the term turn over. However the term 'turnover 'is not defined in The Income tax Act,1961. Therefore ,I referred the publication of ICAI viz., Guidance Note on Terms Used In Financial Statements wherein I find the following definition.
The aggregate amount for which sales are effected or services rendered by an enterprise.

03 October 2009 Agree. Only sales are considered for turnonver.




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