Audit u/s 44 AB

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Deepak Sharma (Querist)
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07 February 2008 Whether Vat & CST will be included in Sales Turnover for the purpose of Audit u/s 44 AB (i.e Exemption Limit of 4000000)

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 February 2008 Yes if excise duty is applicable, it will be included.

R.V.RAO

R.V.RAO (Expert)
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07 February 2008 turnover under sec 44 AB includes excise and applicable taxes.IT IS AMUSING THAT THE IT ACT NO WHERE IN THE SECTION DEFINES TURNOVER. BUT THE APPLICABILITY OF THE SECTION DEPENDS ON TURNOVER.
IT IS THE ICAI WHICH GUIDED THE DEPT. AS WELL AS PROFESSIONALS IN THIS REGARD AND DEFINED WHAT IS TURNOVER.
STRANGE ARE THE WAYS OF OUR GOVT. DEPTS.
R.V.RAO

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