The definition of a turnover in tax audit
In the context of a tax audit, turnover represents the complete income generated by a business through its operations within a specific financial year.
Turnover is an important factor in determining the tax liability of a business, as it used to calculate various taxes such as income tax, sales tax, TDS and GST. Furthermore, the turnover of a business can also play a role in determining whether it needs to undergo a tax audit or file specific tax returns.
For more information to Visit https://www.gst.gov.in/
In India, for instance, businesses with a turnover surpassing Rs. 20L require to register for the Goods and Services Tax (GST).. 1 crore (for the financial year 2021-22) are required to undergo Taxpayers are required to submit a tax audit report along with their income tax return. This report has to prepare by a Chartered Accountant and contains comprehensive information regarding the business’s turnover, income, expenses, and adherence to tax regulations.
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