What items in a sales invoice constitute turnover viz. sale price, VAT/CST, pkg chgs, freight for purpose of P&L a/c. Pl specify the sec. of IT Rules which defines TOTAL TURNOVER. Please also quote the sec. verbatim. Similarly what items in a purchase invoice constitute PURCHASE viz. cost, VAT/CST, ED, Pkg, freight
Sales turnover consists of just the sales amount in the case of an FOB contract.
But for the purpose of tax audit u/s 44AB of IT Act it is the gross receipts which includes all items of recovery.
total turnover is defined u/s 44AB if the gross sales or receipts exceeds 40 lacs then audit is compulsory and have to done by C.A.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
