19 March 2010
It depends on method of accounting you are maintaining, say, if your invoices clearly shows the sales, taxes separately & you are showing taxes as current liabilities, then your turnover means only sales value excluding taxes, but if your sales invoices are raised not showing separately the sales & taxes amt.then your turnover will be the total amt. inclusive of taxes which is credited to P L a/c. then 44 ab is applicable if turnover exceeds 40 lacs.
19 March 2010
Partially in agreement with Ganadhar Sir. For the view of our Institute, please refer page 8 of "Issues on Tax Audit" (June 2000 edition) an ICAI publication.
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