gross receipts , sales, turnover under sec 44 AB
This query is : Resolved
19 July 2009
whether sales tax collected in respect of sales made has to be included in the "total gross sales, turnover, gros receipts" for determing the treshold limits of Rs.40 lakhs for audit purpose
19 July 2009
yes
20 July 2009
It depends upon the System of Accounting being followed by the Assessee. In case the assessee does not include Sales Tax in the Sales/ Turnover then the limit for Section 44AB will be analysed in view of the sales booked excluding the Sales Tax.
However, there is requirement of Section 145A of the Income Tax Act to account for Sales, Turnover etc at gross figures so as to include Sales Tax, Excise etc.
However, there is requirement of Section 145A of the Income Tax Act to account for Sales, Turnover etc at gross figures so as to include Sales Tax, Excise etc.
20 July 2009
thank you or your views on the subject
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- FEMA regulation Act. for inward remitance
- TAX AUDIT QUESTION
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
