Sales tax and income tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 April 2013
Dear Everyone,
We have a partnership business (manufacturing) in Mumbai. We were under impression that Turnover threshold for Tax audit has been raised from 60Lacs to 1Cr. In financial year 12-13 we did sales of 62Lacs.
But our CA has informed us that we will have to do sales tax audit as its threshold is 60Lacs. Only income tax audit limit is 1Cr.
We are confused. Do we have to get sales tax audit done ?
We have a partnership business (manufacturing) in Mumbai. We were under impression that Turnover threshold for Tax audit has been raised from 60Lacs to 1Cr. In financial year 12-13 we did sales of 62Lacs.
But our CA has informed us that we will have to do sales tax audit as its threshold is 60Lacs. Only income tax audit limit is 1Cr.
We are confused. Do we have to get sales tax audit done ?
Prakash Kochar
(Expert)
25 April 2013
Turnover limit for Maha. VAt Audit for 2012-13 is 60 lacs. Audit under MVAT Act is required if turnover exceeds prescribed limit.
02 June 2013
Your CA is correct and you have to get your MVAT audit done and submit it as soon as possible.
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