Does turnover include gross profit and old stock?

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Sohil (Querist)
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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.

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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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

CA PARAS BAFNA (Expert)
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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?

Sohil

Sohil (Querist)
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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?

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