04 July 2009
what exactly is turnover? in case of person having professional receipts and bank interest and interest received as his incomes. then what will be his turnover? will it only be professional receipts or all the incomes will be included in his turnover?
04 July 2009
Hi Professional receipts only includes receipt received on account of his professional ativities/services.For turnover purpose only this amount will be considered. Bank interest & other interest are not part of turnover. The interest is also taxed as income from other sources if the main activities is not lending money. Therefore only Gross receipts received on account of professional activity is treated as turnover.
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