definition of Turnover
This query is : Resolved
CA Jay Kumar Sharma
(Querist)
03 October 2009
Sir, I want to know the definition of TURNOVER u/s 44AB. Whether it includes purchase also?
Jay Sharma
9852414131
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.
The aggregate amount for which sales are effected or services rendered by an enterprise.
Ratan Sharma
(Expert)
03 October 2009
Agree. Only sales are considered for turnonver.
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