Does Gross Turnover Includes Sales Tax paid on sales of goods for the purposes of Sec 44 AD, when a separate account has been made for VAT Payable?
2 Replies
praveen
(Chartered Accountant)
(6971 Points)
Replied 15 June 2012
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Hi,
Please read the section carefully they have not used the words gross turnover but they use the words 'turnover' or 'gross receipts'
And in my opinion if you are trading concern then turnover is not inclusive of taxes.
V K Bajaj
(Accountant)
(1540 Points)
Replied 16 June 2012
Sales Tax is not be included while counting TURNOVER. This procedure is applicable for all purpose and not only for 44AD
vkbajaj1950 @ yahoo.co.in
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