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Tax audit

amit kumar (Student CA Final ) (123 Points)

27 May 2014

Dear Experts, please tell What is the meaning of Turnover for Tax Audit? Does it include only Operating income or other incomes like commision,interest n other kind of income?

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5 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 28 May 2014

turnover includes only business sales.

praveen (Chartered Accountant) (6971 Points)
Replied 28 May 2014

It includes only turnover of business... If commission earned is part of u r business then even such income should be considered

amit kumar (Student CA Final ) (123 Points)
Replied 28 May 2014

Bt i have also read that commision receive regarding business is also a part of turnover.. kindly provide some logic or link where it ia clearly mentioned. Regards

amit kumar (Student CA Final ) (123 Points)
Replied 28 May 2014

Agreed with Parveen. Is there any exhausitive list of Items to be included in the meaning of Turnover to decide whether Tax Audit will b applicable or not?????