Audit of properitorship firm
This query is : Resolved
Ashish Vasani
(Querist)
14 July 2012
Dear Sir,
I am having properitorship firm ,where we had done turnover in FY11-12 morethen 65 laks ( including nearly 3 laks tax) , out of that we had sales return of 7 lakhs ,so does this firm come inder audit....
Pls reply ...
Tq
Ashish
I am having properitorship firm ,where we had done turnover in FY11-12 morethen 65 laks ( including nearly 3 laks tax) , out of that we had sales return of 7 lakhs ,so does this firm come inder audit....
Pls reply ...
Tq
Ashish
Dintakurthi Tirumala
(Expert)
14 July 2012
No,the firm doesn't comes under 44AB tax audit.
For the purpose of 44AB turnover means = Total Sales-sales returns.
Total Sales doesn't includes sales tax,freight charges,etc if they are separately considered in the sales invoice. In other-words if the sales tax,etc... separately not disclosed and separately not accounted then these also computed for total sales.
I think for your case tax separately not accounting(based on your question) so as per above explanation for your case 44AB turnover is 65-7=58 lacs.
So your case not liable for 44AB tax audit.
OM SAI SRI SAI JAI JAIS AI
For the purpose of 44AB turnover means = Total Sales-sales returns.
Total Sales doesn't includes sales tax,freight charges,etc if they are separately considered in the sales invoice. In other-words if the sales tax,etc... separately not disclosed and separately not accounted then these also computed for total sales.
I think for your case tax separately not accounting(based on your question) so as per above explanation for your case 44AB turnover is 65-7=58 lacs.
So your case not liable for 44AB tax audit.
OM SAI SRI SAI JAI JAIS AI
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