Under Reverse Charge Mechanism, in case of Legal service provided by Advocates , one of the condition is such that Business entity whose turnover is exceeds 10 lacs in previous financial year then and then RCM is applicable.
My query is that in above case what is the meaning of Turnover for this purpose?
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Turnover as understood in accounting parlance. What is shown as sales, service income, etc. in the books recognised as revenue.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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