What is the meaning of turnover in case of tax audit.
1) In case of person carry on bussiness if his turnover or sales or gross receipts exceeds Rs.40,00,000.

Now, my questions is,
1)What is meaning of gross receipts in this criteria ( other than in case of profession.)
2)What is meaning of turnover/sales i.e.what to include in sales amount.

Suppose, sales bill is like this
Net Amount 10,000.oo
Excise (16%) 1,600.00
Cess 48.oo
Vat(4%) 465.00
Total 12,114.00

then what amount will be included.

3)Whether sale of scrap , Fixed assets will be considered for this purpose.

Please Support your answer.

the morden concept of internal audit envisages scope of internal audit much beyond financial audit

i am Studying in PCC and i am not grtting this answer so please help me out.
thanks.

i like to know is it necessary to have cost audit every year..
is there any exemption for non conducting of cost audit.
which are the section i should refer for a detailed knowledge

DEAR CO-LEAGUE
PLEASE TELL ME WHAT IS SOX 2002 ACT . IS IT SIMILAR TO AUDIT PRACTICE IN INDIA AS PER OUR AAS.IF YES WOULD OUR GOVT PLANNING FOR SAME ACT FOR MANDATORY APPLICATION OF AUDIT TO EVERY COMPANY

what are the criteria for a steel manufacturing company to come under cost audit. what are the matters to be taken care of if a co. comes under such requirments.

ABC ltd a manufacturing company dealing in sale of Vehicle spare parts. it is providing its machinery for basic operations to a contractor. who is using both labour and his saleable goods.He is even charging sales tax.

If it is a immovable property on which both labour work and sale of material is carried on then i need to deduct tax.

But in this case it is a movable item.Can ABC ltd needs to deduct tax ?

is there any prescribed format of audit report for a company on which caro is not applicable?

what major points do i see when auditing the books of a co-operative society?