Meaning of turnover

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CA Prabhat Kumar Makhija (Querist)
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30 March 2012 What is the meaning of turnover as per income tax act & sales tax act?
what are the expenses & taxes includes while calculating turnover?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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31 March 2012 Dear Author,

Turnover is not defined in Income Tax Act, although i would like to explain that

Turnover' means the aggregate of the amounts of sale prices and tax, if any, received and receivable by a dealer in respect of sale or supply of goods or carrying out of any contract effected or made during a given period.

the expression "Sales Turnover" has been defined as : "The aggregate amount for which sales are effected or services rendered by an enterprises. The term 'gross turnover/sales' and 'net turnover/sales' are sometimes used to distinguish the sales aggregate before and after deduction of returns and trade discounts"

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