Turnover Definition Under Companies Act 2013

Further section 8a 1 of the said act provides.

Turnover definition under companies act 2013. The definition of turnover as mentioned in the companies act 2013 was worded in such manner that turnover includes taxes and other duties collected at the time of sale provision of services. As per definition u s 2 91 of companies act 2013 if turnover will be conidered only on realisation from supply of goods or from rendering of services advance amount received cannot be considered as turnover at all as it cannot be said that the amount received in advance is realisation from supply of goods. Ca goutam baid jodhpur. And ii any other body corporate not being a company as defined in this act which the central government may.

In this act unless the context otherwise requires 1 abridged prospectus means a memorandum containing such salient features of a prospectus as may be specified by the securities and exchange board by making regulations in this behalf 2 accounting standards means the standards of accounting or any addendum thereto for. As per section 2 31 deposit includes any receipt of money by way of deposit or loan or in any other form by a company but does not include such categories of amount as may be prescribed in consultation with the reserve bank of india. Turnover under other pertinent laws. This issue has been addressed by the companies amendment act 2017.

Section 2 85 of the companies act 2013 defines a small company as small company means a company other than a public company. Deposit has been defined under section 2 31 of the companies act 2013 further expanded under the deposit rules 2014. Most of the exemptions provided to a small company are same as that provided to a one person company opc. Meaning of turnover pre companies act 2013.

Body corporate or corporation includes a company incorporated outside india but does not include i a co operative society registered under any law relating to co operative societies. The act identifies some companies as small companies based on their capital and turnover for the purpose of providing certain relief and or exemptions to these companies. Effective from 12 09 2013 turnover means the aggregate value of the realisation of amount made from the sale supply or distribution of goods or on account of services rendered or both by the company during a financial year. A company follows the provisions mentioned in the companies act 2013 which says that a company means a company incorporated under this act or any previous company law.

Notified date of section.