11 March 2016
My Clients are Co-operative credit societies whose business is accepting deposits and lending to members. My query is what constitute the turnover for the purpose of tax audit u/s 44AB. Is it the total deposits accepted or total advances made? Or is it the interest income only? Or is it the difference between income earned and expended? Experts please advise.
11 March 2016
Total turnover is Gross Receipts including of Tax , Advances /Deposits or Interest is not form part of Turnover. but in Bank audit is done Basis of Advances.(Statutory branch audit of PSBs may be carried out for all branches with advances of ₹ 20 crore)
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