Gross Turnover
This query is : Resolved
18 September 2008
Tax Audit is conducted on the basis of gross turnover, in this matter the Gross Turnover includes tax(i.e., sales tax/service tax.,) or excludes tax. that means it incluses tax or not. Plz tell me
18 September 2008
Yes, it includes.For the purpose of tax audit gross figures of sales, turnover or gross receipt as per books are to be analysed.
CA Nitin Wadhwani
(Expert)
18 September 2008
It May Or May Not Depending The Type Of Method Of Accounting Followed By the Assessee i.e Inclsuive (Included) or Exclusive (excluded).
Late CA Sampat Jain
(Expert)
18 September 2008
SECTION 145A. Notwithstanding anything to the contrary contained in section 145, the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head “Profits and gains of business or profession” shall be—
(a) in accordance with the method of accounting regularly employed by the assessee; and
(b) further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation.
Explanation.— For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising as a consequence to such payment
(a) in accordance with the method of accounting regularly employed by the assessee; and
(b) further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation.
Explanation.— For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising as a consequence to such payment
CA Nitin Wadhwani
(Expert)
10 June 2009
You have mentioned about valuation of closing stock.
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