How Turn Over Amount Calcuted

B

binodc

New Member
#1
#1
Hello,
Can anyone help to understand the calculation of turnover amount?
How it calculate? Suppose if i purchase share of RS 30 Lakhs and sold share of 25 lakhs in one financial year then what is the turn over amout. it is crossed 40 lakhs of audit limit. Please help as i don't know.
 
columbus

columbus

Well-Known Member
#2
#2
binodc said:
Hello,
Can anyone help to understand the calculation of turnover amount?
How it calculate? Suppose if i purchase share of RS 30 Lakhs and sold share of 25 lakhs in one financial year then what is the turn over amout. it is crossed 40 lakhs of audit limit. Please help as i don't know.
Click to expand...

Please fire this question to TAX section where you will get a quick reply.I think this a SPECULATIVE BUSINESS and audit limit is something different.
 
diosys

diosys

Well-Known Member
#3
#3
Dear Binod,

Since your Sale amount is less than 40 lacs, you do not require a tax audit...
 
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