Definition of turnover under income tax
This query is : Resolved
03 September 2011
whether receipt of work in progress will form part of turnover calculated for the purpose of tax audit?
Mr A has turnover of Rs.58,00,000/- and work in progress of Rs. 4,00,000/-, whether he is covered under tax audit or not?
Mr A has turnover of Rs.58,00,000/- and work in progress of Rs. 4,00,000/-, whether he is covered under tax audit or not?
03 September 2011
WIP doesn't come under 'total sales ', 'gross receipts' or 'turnover' ,hence tax audit doesn't apply for the issue raised.
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