Tax Audit
This query is : Resolved
18 December 2009
Please, can anyone explain the meaning of the term "Turnover" in Income Tax Act, 1961????????????
Aditya Maheshwari
(Expert)
18 December 2009
It will depend from business to business. What is ur business?
Applying the monetary limit - Receipts of assessee by way of sale or trading business and receipts for doing job work can be clubbed for finding out whether limit of Rs. 40 lakhs prescribed for attracting proviÂsions of section 44AB is made out - Bajrang Oil Mills v. ITO [2007] 163 Taxman 154/295 ITR 314 (Raj.).
Applicability to commission agents - If the commission agent does not sell the goods of his principal as his own and only charges commission for bringing two persons to holy marriage of sale and purchase, then he will not come within the ambit of section 44AB, except when his professional receipts exceed Rs. 10 lakhs - Abhay Kumar & Co. v. Union of India [1987] 164 ITR 148 (Raj.).
Applying the monetary limit - Receipts of assessee by way of sale or trading business and receipts for doing job work can be clubbed for finding out whether limit of Rs. 40 lakhs prescribed for attracting proviÂsions of section 44AB is made out - Bajrang Oil Mills v. ITO [2007] 163 Taxman 154/295 ITR 314 (Raj.).
Applicability to commission agents - If the commission agent does not sell the goods of his principal as his own and only charges commission for bringing two persons to holy marriage of sale and purchase, then he will not come within the ambit of section 44AB, except when his professional receipts exceed Rs. 10 lakhs - Abhay Kumar & Co. v. Union of India [1987] 164 ITR 148 (Raj.).
Aditya Maheshwari
(Expert)
18 December 2009
And turnover is not defined in the act
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