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Turnover's Defination for Income Tax

Tax queries 313 views 4 replies

AJAY BABAN NAVALE

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?

Replies (4)

"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.

prasad Nilugal

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 .

Asif Shaikh

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

prasad Nilugal

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 .