direct tax - tax audit
This query is : Resolved
20 September 2008
1.excise duty , 2. liability no longer payable written back
should be added to gross turnover as per section 44AB?
EX: sales - 38lacs
excise duty - 3lacs
net sales is 35 lacs
liability no longer payable written
back - 4lacs
in this situation this is not a tax audit is it correct?
should be added to gross turnover as per section 44AB?
EX: sales - 38lacs
excise duty - 3lacs
net sales is 35 lacs
liability no longer payable written
back - 4lacs
in this situation this is not a tax audit is it correct?
S.Srinivasaraghavan
(Expert)
21 September 2008
excise duty yes. Not the second one.
CA Nitin Wadhwani
(Expert)
21 September 2008
In Case of Excise Duty, It Will Depend Upon The Method Regularly Followed By You i.e "Inclusive Or Exclusive".
In Case Of Inclusive Method, Yes.
In Case Of Exclusive Method, No.
In Case Of Liability Written Back, No Because It Will Not Form Part Of "Turnover" But it will be included in other income and turnover does not include other income.
In Case Of Inclusive Method, Yes.
In Case Of Exclusive Method, No.
In Case Of Liability Written Back, No Because It Will Not Form Part Of "Turnover" But it will be included in other income and turnover does not include other income.
21 September 2008
I also agree with the above views.Thanks for the explanation to Mr. Nitin
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