31 May 2011
The definition of Turnover as per guidance note issued by ICIAI may hold good for classification and nomenclature in Company Audit Reports. However as far as Income Tax Act Audit provisions u/s 44AB, the term referred is Total Sales, Turnover or Gross Receipts which encompasses all inclusive taxes such as Sales Tax, Excise duty, service tax etc even though the assessee maintains a seperate account for the same.
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