08 March 2008
The Meaning of turnover whether it include the amount of purchase and stock.
For example" if a proprietory concern is having the sale of Rs 20 lacs and the amount of Purchases is Rs 60.00 lac and the amount of stock is Rs 25 lacs then the proprietory concern will have to do compulsary Audit.
10 March 2008
I am also of the same opinion that as per sec.44AB only Turnover of Sales& Income is taken into consideration irrespective of amt. of purchase or stock. Thanks.
CAclubindia
