https://www.taxtmi.com/highlights?id=79835 Turnover u/s 145A - Determination of turnover declared by the assessee, whether it should be inclusive of excise duty or not. Taxability of income at a higher tax slab of 30% despite turnover not exceeding INR 250 Crores. Whether such adjustment can be raised by the CPC in the intimation while processing the return of income u/s 143(1) of the Act to find the rate of tax in pursuance to First schedule of Finance (No. 2) Act 2019. Held that the purpose of including excise duty in turnover u/s 145A was different from determining the rate of tax based on turnover. The meaning of turnover u/s 145A cannot be adopted for determining the rate of tax. The issue of including or excluding excise duty from turnover for determining the tax rate is debat..... en-us Mon, 29 Jul 2024 10:02:52 +0530 Mon, 29 Jul 2024 10:02:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79835 Turnover u/s 145A - Determination of turnover declared by the assessee, whether it should be inclusive of excise duty or not. Taxability of income at a higher tax slab of 30% despite turnover not exceeding INR 250 Crores. Whether such adjustment can be raised by the CPC in the intimation while processing the return of income u/s 143(1) of the Act to find the rate of tax in pursuance to First schedule of Finance (No. 2) Act 2019. Held that the purpose of including excise duty in turnover u/s 145A was different from determining the rate of tax based on turnover. The meaning of turnover u/s 145A cannot be adopted for determining the rate of tax. The issue of including or excluding excise duty from turnover for determining the tax rate is debat..... Highlights Income Tax Mon, 29 Jul 2024 10:02:52 +0530 https://www.taxtmi.com/highlights?id=79835