30 March 2012
What is the meaning of turnover as per income tax act & sales tax act? what are the expenses & taxes includes while calculating turnover?
Turnover is not defined in Income Tax Act, although i would like to explain that
Turnover' means the aggregate of the amounts of sale prices and tax, if any, received and receivable by a dealer in respect of sale or supply of goods or carrying out of any contract effected or made during a given period.
the expression "Sales Turnover" has been defined as : "The aggregate amount for which sales are effected or services rendered by an enterprises. The term 'gross turnover/sales' and 'net turnover/sales' are sometimes used to distinguish the sales aggregate before and after deduction of returns and trade discounts"
CAclubindia
