Meaning of turnover fro the purpose of section 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 May 2012
whether income of trade/cash discount on purchase is added in sales while calculating 8% profit of turnover for the purpose of section 44AD.
CA Kusum Sorathia
CA Kusum Sorathia
07 May 2012
Trade discount is not recorded in the books of account itself.
As regards to Cash discount, it is not a receipt of business. it is just a concession from creditors against purchases. So discount is not included in the turnover for 44AD.
As regards to Cash discount, it is not a receipt of business. it is just a concession from creditors against purchases. So discount is not included in the turnover for 44AD.
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