Filing of vat 100
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 September 2013
Can a person file his vat return quarterly if his turnover doesn't exceed 50 lakhs.what is the turnover limit for getting vat audit.
Can a person file his vat return quarterly if his turnover doesn't exceed 50 lakhs.what is the turnover limit for getting vat audit.
10 September 2013
Hi
Every dealer whose turnover in a year exceeds rupees forty lacks shall get his account audited by a Chartered Accountant and furnish the report of such audit in such manner and within such time as may be prescribed.
Provided that a dealer who is an industrial unit having annual turnover of upto ten crore rupees may get his accounts audited by a member of Institute of Cost and works Accountants of India.
At present as per Section 39(2) a person need to get audited his account but there was no any type of Special format for reporting. In Future we need to report in form No. 41 A
Limit for Audit is similar to that of specified in Section 44AB of Income Tax Act, 1961 i.e. Rs. 4000000.
Every dealer whose turnover in a year exceeds rupees forty lacks shall get his account audited by a Chartered Accountant and furnish the report of such audit in such manner and within such time as may be prescribed.
Provided that a dealer who is an industrial unit having annual turnover of upto ten crore rupees may get his accounts audited by a member of Institute of Cost and works Accountants of India.
At present as per Section 39(2) a person need to get audited his account but there was no any type of Special format for reporting. In Future we need to report in form No. 41 A
Limit for Audit is similar to that of specified in Section 44AB of Income Tax Act, 1961 i.e. Rs. 4000000.
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