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
Menu
Turnover for purpose of IT
Replies (2)
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.
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
