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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 ? 



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