Annual Turnover is the gross receipt or total sales of business during the financial year.
Annual Turnover = Sales - Sales Return
The Annual Turnover limit to opt for the presumptive taxation scheme is:
|Section||Type of Entity||Turnover Limit|
|44AD||Business||INR 2 Crore|
|44ADA||Professionals||INR 50 Lakh|
|44AE||Businesses engaged in plying, hiring or leasing of goods carriages||INR 2 Crore|