scope of audit
This query is : Resolved
19 July 2011
hello sir
my client has turnover of Rs. 5915000/- (excluding VAT) & having vat of Rs.203844/-.
Is it liable for audit ?
thank you
my client has turnover of Rs. 5915000/- (excluding VAT) & having vat of Rs.203844/-.
Is it liable for audit ?
thank you
19 July 2011
If we consider section 145A that specifies the Accounting Methods and also Accounting Standards, it requires that all the purchases and sales should be inclusive of all the expenses, taxes and duties, whether refundable or not. So, in this case the turnover will be R. 61,18,844/- So, in my opinion, it is better to get books of accounts audited.
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