U/s 44AD

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  1. K VIJAYA KUMAR

    K VIJAYA KUMAR New Member

    Hi,

    My Question is,Total Turnover Means, Vat,Excise duty ,and other levy to be Considered as a Turnover to declared as a Income...How Liability has Considered as Turnover.Please Explain , If I am wrong i ll correct it.....

    Thank You.
     
  2. Shoban Singh

    Shoban Singh New Member

    The turnover is the total gross sale of the company, be it goods, services etc. Vat, S.Tax , CST, etc not consider as turnover.
     
  3. ZED

    ZED Well-Known Member

    Extracts from guidance note on Tax audit.

    The term ‘turnover’ for the purposes of this clause may be interpreted to mean the aggregate amount for which sales are effected or services rendered by an enterprise. If sales tax and excise duty are included in the sale price, no adjustment in respect thereof should be made for considering the quantum of turnover. Trade discounts can be deducted from sales but not the commission allowed to third parties. If, however, the Excise duty an / or sales tax recovered are credited separately to Excise duty or Sales tax Account (being separate accounts) and payments to the authority are debited in the same account, they would not be included in the turnover.
     
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