Audit of properitorship firm

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Ashish Vasani (Querist)
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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

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

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