Purchases exceed 40.00 Lacs but sales doen nt
This query is : Resolved
Naveen Jain
(Querist)
12 July 2008
Sir,
If purchases net of VAT exceed 40.00 Lacs and sales net of VAT does not exceed , then in that case whether Tax Audit is compulsory or not?
If purchases net of VAT exceed 40.00 Lacs and sales net of VAT does not exceed , then in that case whether Tax Audit is compulsory or not?
12 July 2008
Not compulsory
Naveen Jain
(Querist)
12 July 2008
Sir,
If purchases net of VAT exceed 40.00 Lacs and sales net of VAT does not exceed , then in that case whether Tax Audit is compulsory or not?
If purchases net of VAT exceed 40.00 Lacs and sales net of VAT does not exceed , then in that case whether Tax Audit is compulsory or not?
12 July 2008
No - The condition is only on Sales and not on purchases.
What is considered for whether audit is applicable or not is Turnover, Total Sales or Gross Receipts.
What is considered for whether audit is applicable or not is Turnover, Total Sales or Gross Receipts.
Shyam Lal Naik
(Expert)
12 July 2008
Turnover for tax audit purpose includes VAT. If the TO inclusive of VAT exceeds 40L, tax audit is applicable.
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