India - Income Tax Act 2010 - Saarc

1.1051 APPENDIX(i) (a) The turnover, that is, the aggregate amount for which sales are effected bythe company, giving the amount of sales in respect of each class of goodsdealt with by the company, and indicating the quantities of such sales foreach class separately.(b) Commission paid to sole selling agents within the meaning of section 294 ofthe Act.(c) Commission paid to other selling agents.(d) Brokerage and discount on sales, other than the usual trade discount.(ii) (a) In the case of manufacturing companies,—(1) The value of the raw materials consumed, giving item-wise break-up andindicating the quantities thereof. In this break-up, as far as possible, allimportant basic raw materials shall be shown as separate items. Theintermediates or components procured from other manufacturers may, iftheir list is too large to be included in the break-up, be grouped undersuitable headings without mentioning the quantities, provided all thoseitems which in value individually account for 10% or more of the total valueof the raw material consumed shall be shown as separate and distinct itemswith quantities thereof in the break-up.(2) The opening and closing stocks of goods produced, giving break-up inrespect of each class of goods and indicating the quantities thereof.(b) In the case of trading companies, the purchases made and the opening andclosing stocks, giving break-up in respect of each class of goods traded in bythe company and indicating the quantities thereof.(c) In the case of companies rendering or supplying services, the gross incomederived from services rendered or supplied.(d) In the case of a company, which falls under more than one of the categoriesmentioned in (a), (b) and (c) above, it shall be sufficient compliance with therequirements herein if the total amounts are shown in respect of the openingand closing stocks, purchases, sales and consumption of raw material withvalue and quantitative break-up and the gross income from services renderedis shown.(e) In the case of other companies, the gross income derived under differentheads.Note 1: The quantities of raw materials, purchases, stocks and the turnover,shall be expressed in quantitative denominations in which these arenormally purchased or sold in the market.Note 2 : For the purpose of items (ii)(a), (ii)(b) and (ii)(d), the items for whichthe company is holding separate industrial licences, shall be treated asseparate classes of goods, but where a company has more than one industriallicence for production of the same item at different places or for expansionof the licensed capacity, the item covered by all such licences shall be treatedas one class. In the case of trading companies, the imported items shall beclassified in accordance with the classification adopted by the Chief Controllerof Imports and Exports in granting the import licences.Note 3 : In giving the break-up of purchases, stocks and turnover, items likespare parts and accessories, the list of which is too large to be included in thebreak-up, may be grouped under suitable headings without quantities,provided all those items, which in value individually account for 10% or moreof the total value of the purchases, stocks, or turnover, as the case may be,are shown as separate and distinct items with quantities thereof in the breakup.