banner_ad

Turnover

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
09 August 2012 Dear expert,
Suppose there is a dealer whose total sales are in FY 2011-12 say Rs. 58 lacs and VAT charged thereon @5% say Rs. 290000/- which is separatly shown in tax invoices and duly deposited by challans in bank and grand total say Rs. 6090000/-.

Please advise me, what is turnover - Rs. 58 lacs or Rs. 6090000/-
and
Whether the assesee can opt 44AD from the perspective of turnover.
Thanks.
Profile Image

Ki$hor B

Profile Image

Ki$hor B (Expert)
09 August 2012 If tax is separately accounted in the BOA then the same shall not be considered as turnover. Hence t/o is 58L & 44AD can be invoked.
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
10 August 2012 BOA means?
Profile Image

CA Rahul Gupta

Profile Image

CA Rahul Gupta (Expert)
10 August 2012 Dealer is not covered under section 44AB since his turnover from business is 58Lac except VAT paid Rs.290000/-
Yes, he can opt 44AD for the perspective turnover.
Profile Image

Ki$hor B

Profile Image

Ki$hor B (Expert)
10 August 2012 BOA means Books of Accounts.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details