wat is turnover. when a company is liable for audit .
4 Replies
vivek kumar jain
(service/student)
(559 Points)
Replied 05 November 2008
turnover means total sales.
which audit u r talking abt.
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 05 November 2008
Turn over includes sales. It has a broader meaning. It has various meanings under various acts. If you talking about the tax audit, then the turnover should exceed Rs.40 lakhs.
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 06 November 2008
Gross receipts includes, besides sales, VAT and CENVAT and other receipts from business activities.
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 07 November 2008
hi all,
Does turnover include loss on account of demolition of partly constructed project for builder and writting back of expenses from WIP A/c on account of demolition?
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