Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003


Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Shashwat Chaudhary (Company Secretary)     09 September 2021

Amended Definition of TURNOVER u/s 2(91)

As per the recent amendment is Section 2 (91) -"turnover" means the gross amount of revenue recognised in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a company during a financial year. 

My queries are : 

1. As it means GROSS amount of REVENUE, what to include in revenue and whether to include Tax element in it or take it as GROSS ? 

2. Whether to take other income for computing revenue ? 

3. Whether to take GROSS REVENUE on Cash Basis or on Accrual Basis ?

4. INCOME FROM OPERATION in Balance Sheet is inclusive of tax or exclusive of Tax ? 

 0 Replies

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Threads

Start a New Discussion

Popular Discussion

view more »

Subscribe to the latest topics :
Search Forum:

Trending Tags