I wanted to know whether in the turnover limit of 60 lacs for tax audit - VAT is included or excluded. i.e. is it nett sales of 60 lacs exclusive of VAT or not.
Thanks
CA SALONI
(CHARTERED ACCOUNTANT)
(391 Points)
Replied 22 February 2011
Dear Anant,
U r right, the limit shud be seen exclusive of Vat. Because VAT goes to separate account.......
APOORV SAXENA
(Chartered Accountant)
(794 Points)
Replied 22 February 2011
60 lakhs exlusive of VAT !! VAT is never included in "TURNOVER"