https://www.taxtmi.com/article/detailed?id=1930 Characterisation of receipts from sale of scrap requires treating most scrap realisations as recovery of part of the cost of materials rather than as business turnover. Where a person is a scrap dealer, scrap sales are turnover; for manufacturers, traders or professionals, scrap realisations are typically incidental receipts and not turnover. This distinction affects computations that apportion profits by reference to export turnover and total turnover and the availability of turnover-based incentives, unless statutes specifically include scrap in turnover. en-us Tue, 23 Oct 2012 19:11:00 +0530 Tue, 23 Oct 2012 19:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1930 Characterisation of receipts from sale of scrap requires treating most scrap realisations as recovery of part of the cost of materials rather than as business turnover. Where a person is a scrap dealer, scrap sales are turnover; for manufacturers, traders or professionals, scrap realisations are typically incidental receipts and not turnover. This distinction affects computations that apportion profits by reference to export turnover and total turnover and the availability of turnover-based incentives, unless statutes specifically include scrap in turnover. Articles Income Tax Tue, 23 Oct 2012 19:11:00 +0530 https://www.taxtmi.com/article/detailed?id=1930