Does turnover include gross profit and old stock?
This query is : Resolved
28 February 2011
WHile deciding tax audit is it necessary to include gross profit and old stock(of previous year) in purchase for deciding turnover or gross receipts of this year.
28 February 2011
Turnover means sales whether it is sale of old stock or new stock during a particular financial year and has no relation with gross profit.
CA PARAS BAFNA
(Expert)
28 February 2011
Tax Audit has to be decided on the basis of sales turnover only. How Purchase can be Gross Receipts of an assessee?
28 February 2011
Sorry i am not from commerce background but there are some threats which made me presume that gross receipts means purchase receipts.
So it means only sales decide tax audit even though purchase is of more than say 1 crore in this financial year right?
So it means only sales decide tax audit even though purchase is of more than say 1 crore in this financial year right?
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