Turnover

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2012 Dear Experts,
Suppose there is total sales in FY 2011-12 is Rs. 1000000/- and total tax charged seperately on invoices Rs. 50000/- @5%, which is duly deposited in bank through challans. While preparing ITR 4, in the the column of gross sales/receipts of Part P&L, what should be fill - Rs. 1050000/- or Rs. 1000000/-.

Please advise me.

Hemant Kumar

Hemant Kumar (Expert)
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22 August 2012 Gross Sale/ Receipts : Rs.1050000/-

Hemant Kumar

Hemant Kumar (Expert)
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22 August 2012 Gross Sale/ Receipts : Rs.1050000/-

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Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2012 And while making trading a/c, in the credit side I should write sales Rs. 1050000/- or Rs. 1000000/- as sales and beneath that an entry of Rs. 50000/- vat received is to made.

Arun Biyani

Arun Biyani (Expert)
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22 August 2012 sales tax is considered as part of turnover..