Audit applicable or not ?
This query is : Resolved
17 September 2013
Yesterday, I have received reply but I want details reply of my following quaries
Sir, Myself is Labour Contractor and I have received Contract fees Rs.80,00,000 + Service Tax collected and Paid Rs 9,88,800 and Net profit is Rs. 6,70,000 during FY 2012-2013. Should my books are applicable under Tax Audit ? Please help me Sirs,
Sir, please also inform me, what about 8 % formula it is applicable on only net contract charges Rs. 80,00,000/- or net contract charges Rs 80,00,000 + Service Tax Rs. 9,88,800 = Total Rs. 89,88,800/- Please confirm me Sir,
Sir, Myself is Labour Contractor and I have received Contract fees Rs.80,00,000 + Service Tax collected and Paid Rs 9,88,800 and Net profit is Rs. 6,70,000 during FY 2012-2013. Should my books are applicable under Tax Audit ? Please help me Sirs,
Sir, please also inform me, what about 8 % formula it is applicable on only net contract charges Rs. 80,00,000/- or net contract charges Rs 80,00,000 + Service Tax Rs. 9,88,800 = Total Rs. 89,88,800/- Please confirm me Sir,
17 September 2013
In your case your gross receipts not exceeded Rs.1 crore so Tax audit u/s 44AB is not compulsory and you have to offer income u/s 44AD i.e 8% profit on gross receipts.
amount of gross receipts is depending on the method of accounting following by you.
If you specifying service tax amount separately and such service tax collected amount accounting in separate identity ledger and not through P&L means service tax account disclosing at the balance sheet then your gross receipts are excluding service tax means Rs.8000000 other wise means either you separately not specifying in invoice or not accounting separate ledger for service tax or both then your gross receipts is Including service tax i.e Rs.8988800
OM SAI SRI SAI JAI JAI SAI
amount of gross receipts is depending on the method of accounting following by you.
If you specifying service tax amount separately and such service tax collected amount accounting in separate identity ledger and not through P&L means service tax account disclosing at the balance sheet then your gross receipts are excluding service tax means Rs.8000000 other wise means either you separately not specifying in invoice or not accounting separate ledger for service tax or both then your gross receipts is Including service tax i.e Rs.8988800
OM SAI SRI SAI JAI JAI SAI
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