Turnover

for incometax purpose , yes 

No, the turnover/sales/gross receipts does not include taxes such as sales tax, excise, etc. for the purpose of 44AB

Originally posted by : Yogesh Bhandari
	No, the turnover/sales/gross receipts does not include taxes such as sales tax, excise, etc. for the purpose of 44AB

AGREED

Income Tax Act,1961

Hi ,         

@ learner it all depends i mean if the assessee following Inclusive method then excise and sales tax will be included on the other hand if the assessee following Exclusive method then it will not included

for eg.

1.If the assessee pass the following entry on the date of sale(Inclusive Method)

Bank/Party A/c...Dr                                                    100        --

 To Sales A/c(including excise and sales tax)       --          100

Then in the above case taxes should be included 

2.If the assessee pass the following entry on the date of sale(Exclusive method)

 Bank/Party A/c...Dr                                                    100        --

      To Sales A/c                                                            --        80

      To Excise A/c                                                          --        20

Then in the above case don’t include taxes in turnover....

AS PAR INCOME TAX ACT 1961 TAXES ARE NOT INCLUDED IN SALES FOR 44 AB......

Originally posted by : khushboo
	The term ‘turnover’ for this purpose may be interpreted to mean the aggregate amount for which sales are effected or services rendered by an enterprise. If sales tax and excise duty are included in the sale price, no adjustment in respect thereof should be made for considering the quantum of turnover.  If, however, the Excise duty and / or sales tax recovered are credited separately to Excise duty or Sales tax Account (being separate accounts) and payments to the authority are debited in the same account, they would not be included in the turnover.

Agreed.......