Meaning of Turnover for the FY 2017-18

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Meaning of Turnover for the FY 2017-18

As per Technical Guide issued by ICAI-May-2019.

In the absence of clarification from the Government, and to avoid any omission due to aggressive interpretation,  it is prudent to understand that the turnover limits prescribed for audit i.e., Rs. 2 crores one should consider aggregate turnover for the whole of the financial year which would also include the first quarter of the financial year 2017-18.

 

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