TURNOVER/GROSS RECEIPTS IN ITR FORM

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Turnover includes ...???
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145A. Notwithstanding anything to the contrary contained in section 145,

(a) the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head Profits and gains of business or profession shall be

(i) in accordance with the method of accounting regularly employed by the assessee; and

(ii) further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation.

Explanation.For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising as a consequence to such payment.

In ITR form, Turnover/Gross Receipts in GST return filed should be mentioned in the amount coloumn, further we should consider inclusion or exclusion of tax? and in addition to it in ITR P&L head, duties, tax, cess etc also should be mentioned while filing ITR.. ???

Yes, Profit & Loss account has separate fields where each expense &/or tax gets bifurcated from the gross turnover or gross receipt. The sheet is to be filled as per books of accounts maintained.


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