What items in a sales invoice constitute turnover viz. sale price, VAT/CST, pkg chgs, freight for purpose of P&L a/c. Pl specify the sec. of IT Rules which defines TOTAL TURNOVER. Please also quote the sec. verbatim. Similarly what items in a purchase invoice constitute PURCHASE viz. cost, VAT/CST, ED, Pkg, freight
Menu
Turnover for purpose of IT
Replies (2)
Sales turnover consists of just the sales amount in the case of an FOB contract.
But for the purpose of tax audit u/s 44AB of IT Act it is the gross receipts which includes all items of recovery.
total turnover is defined u/s 44AB if the gross sales or receipts exceeds 40 lacs then audit is compulsory and have to done by C.A.
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
