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.

I would like to clear some doubts about advance license obligation and its fulfillment.

1) Advance license obligation belongs to Unit (Where the raw material being imported) or whole company ?
2) How much is time limit to complete the obligation ?
3) Is the following case possible?

We import the raw material under advance license scheme at Unit at Gujarat and fulfill the obligation by export from Unit at Maharastra... Please note we donot trasnfer the raw material to Gujarat to Maharastra.

Please advice.

CAN A CA SEND HIS ARTICLED CLERKS AS A STAFF TO SOME PVT COMPANIES, FOR DOING SOME WORK OTHER THAN ACCOUNTS , AUDIT AND TAX?

A land was purchased for Rs. 700000. After one and half year later he sold that land for Rs. 1200000 and there is a STCG on land. how can we save tax on that. help me?

Dear All,

If anyone could tell me what is the rate for calculating the perquisites amount on salary towards rent free accomodation provided to Director of the Company.
In our case, we have taken accomodation on rent for Director. Please confirm if the rate would be 20% or 15%.
In the Vinod Singhania's book, it is mentioned 20%, however on Income tax site it is 15%. If it is 15%, then by which Circular, the rate is decreased or fixed at 15%

Regards,
Umesh Mishra

Can anybody provide me the guidelines for verifying the cash vouchers and cash book

Hi sir this is with refrence of matarial supplied on excisable invoice to the customer.the actual matarial received by the customer is less than what has actually supplied by the supplier.
let me know whether customer can have full cenvat credit in case of loss of material is normal loss.

Sir
A Property (Old House) given for Development to a builder with 60% to builder and 40 % to Land owner. The builder constructs 20 flats and 8 Flats were given to Land owner (4 Family members)and there is no monetary terms between the parties. What is the Capital Gain that to be paid by the Family members . Is there any exemptions.

AO passed the order u/s 143(3)after considering transfer pricing report and also assessee disclose all the material fact for the assessment. Later on CIT revise the order on the ground that manner of application of arm's length price was not correct without any new fact. Can the AO reopened the past case on the basis of CIT order.
Wouldn't it be considered in change of opinion of AO and not be authenticated to reopen the case.

Dear Friends,

CTC is 2.3 lakh p.a, Please guide me on tax benefit.

Thanks in advance