Definition Turnover Income Tax Act
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The term turnover has been defined under section 2 91 of the companies act 2013 as follows.
Definition turnover income tax act. Section 44ad of income tax act 1961 is the presumptive taxation scheme. Generally a tax discounter is a person described in subparagraph 149 1 a x. Applicability of section 44ad. As 2 also mandate this.
Sec 145a is for determination of only income chargeable to tax but not for determination of tax rate thresholds etc. If assessee maintains books on exclusive method than the amount of output tax will not form part of turnover. 26 may 2008 the word turnover when it is not specifically defined in the act would actually assume the meaning that the consideration received must be for the sale of goods and it must be available with the assessee for being turned over or in other words it must come to the asses see s till as the money belonging to him. For the purpose of section 44ab or 44ac net sales will be the gross turnover.
This was introduced for ease of taxpayers. 2 91 turnover means the aggregate value of the realisation of amount made from the sale supply or distribution of goods or on guidance note on tax audit under section 44ab of the income tax act 1961 21 account of services rendered or both by the company during a financial year 5 4 in the guidance note on terms used in financial statements. Setion 145a says that the tax will be included for the purposes of determining taxable income. These services involve customers assigning their rights to an income tax refund to a tax discounter in return for an immediate payment.
Section 158 provides rules for the treatment of services to which the tax rebate discounting act applies. 1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions 18 deductions 22 ceasing to carry on business.
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