Sec-44ab and turnover
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2012
respected sir,
my sales during 2011-12 fy is 58,00,000 and vat collected is,,232000 total becomes 60,32,000.whether iam liable for audit under sec-44ab or not.
please some one may clarify.
thanking you
my sales during 2011-12 fy is 58,00,000 and vat collected is,,232000 total becomes 60,32,000.whether iam liable for audit under sec-44ab or not.
please some one may clarify.
thanking you
Amol S Joglekar
(Expert)
26 July 2012
This basically depends upon the method of accounting. For showing it to Banks many people claim VAT inclusive of SALES. Inthat case tax audit is must. If vat collected account is the part of current liabilities, tax audit is not required to be done.
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