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Turnover's Defination for Income Tax

AJAY BABAN NAVALE (Student) (54 Points)

08 October 2020

Hello Guys

please let me know the definition of the turnover for the purpose of income tax.

what does include and exclude?

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4 Replies

Asif Shaikh (80 Points)
Replied 08 October 2020

"Turnover" means the gross amount of revenue recognised in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a company during a financial year.

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prasad Nilugal (3914 Points)
Replied 08 October 2020

I agree with Asif shaikh , revenue on account of sale of goods or services during the financial year , but it has not written in the Income Tax act in section 2 definition or any where in the act .

Asif Shaikh (80 Points)
Replied 08 October 2020

The Term ‘Turnover’ has not been defined under the Income Tax Act, 1961. According to section 2(91) of Companies Act 2013 as amended by the Companies (Amendment) Act, 2017

prasad Nilugal (3914 Points)
Replied 08 October 2020

Companies Act. is applicable to Companies only , what about non corporate , what they should consider as turnover .I,e propriter , partner ship firm etc while filling ITR4 under section 44Ad of the Income Tax act .