limit of turnover for audit
This query is : Resolved
31 May 2011
Limit of turnover under Income Tax Act for Audit u/s 44AB , whether inclusive of MVAT or exclusive
31 May 2011
The definition of Turnover as per guidance note issued by ICIAI may hold good for classification and nomenclature in Company Audit Reports. However as far as Income Tax Act Audit provisions u/s 44AB, the term referred is Total Sales, Turnover or Gross Receipts which encompasses all inclusive taxes such as Sales Tax, Excise duty, service tax etc even though the assessee maintains a seperate account for the same.
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