Harikrushna jajal (Accountant) (108 Points)
11 June 2013Under Reverse Charge Mechanism, in case of Legal service provided by Advocates , one of the condition is such that Business entity whose turnover is exceeds 10 lacs in previous financial year then and then RCM is applicable.
My query is that in above case what is the meaning of Turnover for this purpose?
Nirav Worah
(CHARTERED ACCOUNTANT)
(396 Points)
Replied 11 June 2013
/forum/urgent-query-definition-of-turnover-limit-reverse-charge-251240.asp
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 12 June 2013
Turnover as understood in accounting parlance. What is shown as sales, service income, etc. in the books recognised as revenue.
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