TMI BlogTurn Over in Restaurant - DefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... Does the restaurant labour daily wages (Kitchen Chef, Helper, Cleaner, Waiter,Cashier,Floor Manager etc) needs to be included in the TurnOver of the Restaurant. Could someone highlight what are the expenses included in the turnover of the restaurant in a detailed manner, please. - Reply By YAGAY AND SUN - The Reply = All such expenses and income must be recorded in proper manner. - Reply By Si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d E - The Reply = Thank you so much. The restaurant is in Tamil Nadu Location. So you are telling that Expenses like Labour Wages are also needs to be included as a Turnover for the purpose of the Restaurant. Am I right? - Reply By YAGAY AND SUN - The Reply = Both, Expenses/Purchases/Bought out Goods and Income/Sales must be separately book to dig out the profit and tax liabilities etc. - Rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly By Sarveshwar Mundra - The Reply = Turnover doesn't include any type of expenses including wages. - Reply By KASTURI SETHI - The Reply = As per dictionary meaning, The turnover of a company is the value of the goods or services sold during a particular period of time. - Reply By Ganeshan Kalyani - The Reply = I agree with Sri Kasturi Sir's reply. Turnover means the aggregate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount for which goods are bought or sold, or delivered or supplied or otherwise disposed of by a dealer either directly or through another, on his own account or on account of others. The extract of term turnover as per TNVAT Act is reproduced here turnover means the aggregate amount for which goods are bought or sold, or delivered or supplied or otherwise disposed of in any of the ways refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred to in clause (33), by a dealer either directly or through another, on his own account or on account of others whether for cash or for Deferred payment or other valuable consideration, provided that the proceeds of the sale by a person of agricultural or horticultural produce, other than tea and rubber (natural rubber latex and all varieties and grades of raw rubber) grown within the State by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... himself or on any land in which he has an interest whether as owner, usufructuary mortgagee, tenant or otherwise, shall be excluded from his turnover. Turnover would not include expenses of the nature explained by the querist in his query. Thanks. - Reply By YAGAY AND SUN - The Reply = Dear Sid E, As stated earlier, just avail the services of a professional/CA/ICWA/Tax Expert for having clar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ification on your queries. Regards, YAGAY and SUN - Reply By Sid E - The Reply = Thanks Much Yagay. You have given best advise. But I struggle to find one expert. Do you know anyone or contact details in and around Tamil Nadu, so that I can pay and seek advise. - Reply By YAGAY AND SUN - The Reply = We can do it for you on payment of our professional fees. If possible, send us your query w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith all material facts, your doubts, data, documents. After going through the same, we will quote our professional fees and if you give your consent and accept our offer then we will provide you with our opinion. - Reply By Sid E - The Reply = Thank you so much. That would be great. I prepare the papers chronologically and submit in PDF format via your email yagaysun@india.com and liaise. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By Sid E - The Reply = Yagaysun Sir I have already sent information and documents to your mail. Kindly have a look at it, please. - Turn Over in Restaurant - Definitions - Query Started By: - Sid E Dated:- 22-2-2017 Value Added Tax - VAT-CST - Got 11 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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