term sale or turnover
This query is : Resolved
19 March 2010
For audit U/s 44AB the term sales or gross turnover means including all taxes or vat or only sale amount
19 March 2010
The answer is in affirmation law says in section 44AB
BUSINESS=GROSS RECEIPTS OR TOTAL SALES > 4000000
PROFESSION=GROSS RECEIPTS > 1000000
GROSS HERE MEANS INCLUSIVE OF TAXES,MARGINS,MARK-UPs,ETC.
BUSINESS=GROSS RECEIPTS OR TOTAL SALES > 4000000
PROFESSION=GROSS RECEIPTS > 1000000
GROSS HERE MEANS INCLUSIVE OF TAXES,MARGINS,MARK-UPs,ETC.
19 March 2010
agree
19 March 2010
It depends on method of accounting you are maintaining, say, if your invoices clearly shows the sales, taxes separately & you are showing taxes as current liabilities, then your turnover means only sales value excluding taxes, but if your sales invoices are raised not showing separately the sales & taxes amt.then your turnover will be the total amt. inclusive of taxes which is credited to P L a/c. then 44 ab is applicable if turnover exceeds 40 lacs.
19 March 2010
Partially in agreement with Ganadhar Sir. For the view of our Institute, please refer page 8 of "Issues on Tax Audit" (June 2000 edition) an ICAI publication.
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