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Turnover's Defination for Income Tax

Tax queries 299 views 4 replies
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Student
54 Points Posted on 08 October 2020

Hello Guys

please let me know the definition of the turnover for the purpose of income tax.

what does include and exclude?

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On 08 October 2020 at 17:08 Report
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80 Points Posted on 08 October 2020
"Turnover" means the gross amount of revenue recognised in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a company during a financial year.
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On 08 October 2020 at 17:14
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3924 Points Posted on 08 October 2020
I agree with Asif shaikh , revenue on account of sale of goods or services during the financial year , but it has not written in the Income Tax act in section 2 definition or any where in the act .
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On 08 October 2020 at 19:43
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80 Points Posted on 08 October 2020
The Term ‘Turnover’ has not been defined under the Income Tax Act, 1961. According to section 2(91) of Companies Act 2013 as amended by the Companies (Amendment) Act, 2017
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On 08 October 2020 at 20:00
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3924 Points Posted on 08 October 2020
Companies Act. is applicable to Companies only , what about non corporate , what they should consider as turnover .I,e propriter , partner ship firm etc while filling ITR4 under section 44Ad of the Income Tax act .
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On 08 October 2020 at 20:22


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