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Tax audit

amit kumar (Student CA Final ) (123 Points)

27 May 2014

Dear Experts, please tell What is the meaning of Turnover for Tax Audit? Does it include only Operating income or other incomes like commision,interest n other kind of income?

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5 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 28 May 2014

turnover includes only business sales.

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praveen (Chartered Accountant) (6971 Points)
Replied 28 May 2014

It includes only turnover of business... If commission earned is part of u r business then even such income should be considered

amit kumar (Student CA Final ) (123 Points)
Replied 28 May 2014

Bt i have also read that commision receive regarding business is also a part of turnover.. kindly provide some logic or link where it ia clearly mentioned. Regards

amit kumar (Student CA Final ) (123 Points)
Replied 28 May 2014

Agreed with Parveen. Is there any exhausitive list of Items to be included in the meaning of Turnover to decide whether Tax Audit will b applicable or not?????