Meaning of turnover

KAMLESH KUKREJA (Querist) 13 September 2013 This query is : Resolved
if an assessee have purchases of Rs:-1.10 crore and sale of only Rs:-80 lakhs and have closing stock of Rs:-30 lakhs, his gross receipt amounts to Rs:-75 lakhs during the year, then can he opt for 44AD as he have sale of less than Rs:-1 Crore?

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Amit Soni (Expert) 14 September 2013
Yes he can opt.

Rajendra K Goyal (Expert) 14 September 2013
Agree, yes he can.

Guest (Expert) 14 September 2013
Are you selling goods at a loss? Turnover does neither mean gross or net receipt, nor the cost price of the goods sold. You could have indicated what is the total amount of stock or products sold, not in term s of the cost price of the stock.

Ms.Nirmala P.Rao (Expert) 14 September 2013
Dear Client,

The value of your closing stock also forms part of your taxable turnover or total gross receipts which exceed Rs.1 crore and hence you can't claim exemption under Section 44AD.

Ms.Nirmala P.Rao
Legal Expert

Raj Kumar Makkad (Expert) 16 September 2013
No more to add as rightly advised by ld. Dhingra ji and Mr. Rao.

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