Determination of turnover for competition law: audited financials govern, with auditor certification, affidavits and RBI rate conversion required. Turnover or income for Section 27 purposes comprises value of sales and other operating revenue per audited financial statements, excluding other income, indirect taxes, trade discounts and intragroup sales; if consolidation is required, audited consolidated statements govern; lacking audited statements, certification by a statutory auditor or Chartered Accountant plus an authorised affidavit will determine turnover; foreign currency figures must be converted to Indian Rupees using the Reserve Bank of India average reference rates for the relevant year, certified by a Chartered Accountant and supported by an affidavit.
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Determination of turnover for competition law: audited financials govern, with auditor certification, affidavits and RBI rate conversion required.
Turnover or income for Section 27 purposes comprises value of sales and other operating revenue per audited financial statements, excluding other income, indirect taxes, trade discounts and intragroup sales; if consolidation is required, audited consolidated statements govern; lacking audited statements, certification by a statutory auditor or Chartered Accountant plus an authorised affidavit will determine turnover; foreign currency figures must be converted to Indian Rupees using the Reserve Bank of India average reference rates for the relevant year, certified by a Chartered Accountant and supported by an affidavit.
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