LAIBILITY OF AUDIT
This query is : Resolved
19 July 2011
CASE:
SALES WITHOUT INCLUDING VAT = 59,00,000
VAT (GROUPED IN CURRENT LAIBILITY) ON SALES = 3,00,000
IS HE LIABLE FOR AUDIT
(FOR LIMIT OF 60 LACS SALES SHOULD BE INCLUSIVE OF VAT OR EXCLUSIVE)?
SALES WITHOUT INCLUDING VAT = 59,00,000
VAT (GROUPED IN CURRENT LAIBILITY) ON SALES = 3,00,000
IS HE LIABLE FOR AUDIT
(FOR LIMIT OF 60 LACS SALES SHOULD BE INCLUSIVE OF VAT OR EXCLUSIVE)?
19 July 2011
Sales should be exclusive of VAT.
19 July 2011
But you have to keep in mind Section 44AD also. SO if you show your profits below 472000(i.e. 8% of Turnover). then also you have to get your accounts audited.
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