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Is Excise duty include in turnover calculation for income tax purposes

27 December 2019

In FY 15-16 I have a gross turnover of RS. 55 crores and net after excise duty is RS. 40 crores.

what will be my turnover for income tax rate in FY 2017-18

<50crore 25%+cess
>50crore 30%+cess

please help

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1 Replies

harish prajapati (97 Points)
Replied 28 December 2019

Excise duty and other taxes is form part of purchase sales and turnover.the valuation of purchase and sale of goods or services and of inventory shall be adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods or services to the place of its location and condition as on the date of valuation notwithstanding any right arising as a consequence to such payment of taxes fees or cess as the case may be. Refer section 145A