Turnover U/S 44 AB of the income tax Act
This query is : Resolved
10 November 2008
Whether service tax collected forms part of turnover for the purpose of the limit of turnover U/S 44 AB of the income-tax Act, 1961.
10 November 2008
If service tax is credited in a separate account ,collection will not form part of turnover for the purpose of 44AB. For further details refer icai guidance note.
11 November 2008
Yes, Mr. Chackrapani has rightly said. It depends on the System of Accounting followed by the assessee. In case the receipt is booked on gross figures including taxes charged, whether Sales Tax/VAT or Service Tax etc, then the Gross Figures will be considered otherwise not.
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