10 May 2010
what is the meaning of Turnover for Section 44AB. Does it include the VAT collected? What if the VAT Collected and the credit taken is shown seperately and the payment for the balance is debited to the same account.
10 May 2010
The computation of total sales turnover or gross receipts should be made on the basis of the method of accounting regularly employed by the assessee. This will also depend on the method of billing followed by the assessee. If the excise duty, sales tax, etc., is a separate individual account and payments when made are debited to this account, this would not be treated as turnover. If the assessee has made a composite charge for goods inclusive of excise duty, sales tax, etc., the aggregate of such composite amount will be considered for the purpose of computing the sales turnover u/s 44AB.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
10 May 2010
Thanks a lot Aditya. the ITO is not accepting this theory even after showing him the extracts of the Guidance note of ICAI. He is of the opinion that the Guidance note is not applicable to them and that he would only follow Section 145A.
please provide me with some case laws in this regard.