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.
Ajay Mishra
(Expert)
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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