Meaning of Turnover or sales for the purpose of Tax Audit

0 comments Monday, May 31, 2010
A person is required to get his accounts audited u/s 44AB if
1)The turnover of  business exceeds Rs 60 Lakhs, or
2)The Gross Receipts of Profession exceed Rs 15 Lakhs.

In case of business what should be the meaning of turnover/sales? Should it be Gross sales or net sales? Should it include VAT, Sales tax or excise duty? The meaning of turnover/sales for the purpose of tax audit is dissussed as follows:

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