Meaning of Turnover in Composition Scheme

Raju Choudhary

Administrator
Staff member
#2
A Composition Scheme, which is mainly devised for small taxpayers, provides concessional rate of tax and filing of quarterly returns instead of monthly return. To be eligible for registration under Composition scheme it is required that the aggregate turnover of a registered tax payer should not exceed Rs 75,00,000/- in the preceding financial year. (The limit is ` 50,00,000/- for North Eastern and Special Category States)