23 September 2024
Turnover: The aggregate amount for which sales are effected or services rendered by an enterprise. The terms gross turnover and net turnover (or gross sales and net sales) are sometimes used to distinguish the sales aggregate before and after deduction of returns and trade discounts.
Source: Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 (Revised 2023) (https://kb.icai.org/pdfs/PDFFile664ad875b49bb0.41546228.pdf)
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