As per the recent amendment is Section 2 (91) -"turnover" means the gross amount of revenue recognised in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a company during a financial year.
My queries are :
1. As it means GROSS amount of REVENUE, what to include in revenue and whether to include Tax element in it or take it as GROSS ?
2. Whether to take other income for computing revenue ?
3. Whether to take GROSS REVENUE on Cash Basis or on Accrual Basis ?
4. INCOME FROM OPERATION in Balance Sheet is inclusive of tax or exclusive of Tax ?
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