Turnover computation for tax audit
This query is : Resolved
VIKASH KUMAR JAIN
(Querist)
23 September 2013
Whether sale of old used bags as scrap by invoice in steel sector co. be treated as part of turnover of the co. for the purpose of sec 44ad???what will be its accounting treatment???
CA Parul Saxena
(Expert)
23 September 2013
to be considered as other income........not to be considered as part on turnover...entry will be:-
Bank/Cash A/c Dr...........
To Sale of Scrap.................
Bank/Cash A/c Dr...........
To Sale of Scrap.................
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