Please tell me the exact definition of Total Turnover as per Section 80HHC. Is it the gross turnover or the sale proceeds actually received?
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Definition of total turnover
Replies (4)
Yes it means total sales proceeds recieved by assesee & it should not include nay kind of taxes like VAT etc ( as decided in case of Bharat earth movers case )
Why do you need it as this section is no more applicable now after A/Y 05-06 and hence i do not think it can be asked in exams also......
Yes it means total sales proceeds recieved by assesee & it should not include nay kind of taxes like VAT etc ( as decided in case of Bharat earth movers case )
Why do you need it as this section is no more applicable now after A/Y 05-06 and hence i do not think it can be asked in exams also......
| Originally posted by :Nupur | ||
| " | Please tell me the exact definition of Total Turnover as per Section 80HHC. Is it the gross turnover or the sale proceeds actually received? | " |
Yes i know that its not applicable any more, but i need it in respect of a case pending with the CA firm where i am undergoin training.
Are you sure that 'total turnover' means the sale proceeds actually received and not 'receivable'?? The word has not been clearly defined anywhere in the Act.
Ye si am sure because as per explanation to Sec 80HHC 4C:Export turnover means the sales proceeds (recieved in or brought in to India) by assesee in converted foreign exchange.
Point to be noted that words Sales proceeds has been subsituted for Recievable by finance act 1991. Means earlier there was Recievable word was used here.
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