44 AB
This query is : Resolved
12 August 2009
MY ONE OF MY CLIENT HAVING TAXABlE Turnover under Karnataka value added tax Rs.39.80,,,, and Vat collected Rs.1.50,,, who is comes under perview of 44 AB of Income tax Act?
Kapil Arora
(Expert)
12 August 2009
No Sir, it is not in the perview of Sec 44AB of I.T Act, 1961 the entry will be Cash/Debtors with 41.31---Dr and Sales with 39.80 lac cr and Vat 1.51 cr so the turnover will be 39.80 instead of 41.31,,,,
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