Def of Gross receipts u/s.44AB

This query is : Resolved

Subrahmanaya Kamala Prasad G (Querist)
Follow

19 September 2010 as the section says that, for the purpose of tax audit 1c total sales should be more than the limit prescribed by the this section.
but i have a doubt, is that the gross receipts includes even taxes collected ??
than if that is the case, if i'm giving the personal account treatment for the VAT or Service Tax collected than that will never form part of the total sales/receipts and even section 145A prescribed to give the balance sheet effect(in Current Liabilities) to the VAT account, than how to confine about the term gross receipts u/s.44AB

jus give the relevant section where it is defined clearly

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

19 September 2010 You can't get a clear definition or section reference for this purpose because the income tax act ,especially,has not defined those terms. However,to know the terms pl refer some good books which had analayised the issue in depth and came to a conclusion acceptable to the revenue and the assessee's as well. One such book is "Guidance note on tax audit u/s 44AB of the IT Act" published by ICAI. Pages 11 to 19 (Fourth edition)of the said book contains analysis of the terms required by you.

Subrahmanaya Kamala Prasad G

Subrahmanaya Kamala Prasad G (Querist)
Follow

19 September 2010 Thanq for saying me along with the page no's

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now