Amendment status not verified — confirm the current text below against the official source.
Partnership firms when engaged in any profession, trade or calling. Such firms whose gross annual turnover is— (i) Rs. 25 lakhs or less (ii) above Rs. 25 lakhs but less than Rs. 1 crore (iii) Rs. 1 crore or above Explanation.—For the purposes of this entry, "annual turnover" shall include the aggregate of the amounts or parts thereof receivable by way of remuneration, fee, reward or any consideration for services rendered and sales made during the previous year by such firms.