Section 44ab
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2013
Audit u/s 44AB is applicable if turnover DY excees Rs 1 cr.
Whether turnover includes VAT ?
FOR eg Sale of concern is Rs 98,00,000/- excluding VAT & sale including VAT is Rs 1,02,90,000/- in that case 44 AB is applicable?
Whether turnover includes VAT ?
FOR eg Sale of concern is Rs 98,00,000/- excluding VAT & sale including VAT is Rs 1,02,90,000/- in that case 44 AB is applicable?
vikas Manglani
(Expert)
27 June 2013
If VAT is shown in separate account then only sale amount will be considered.
You have to also make sure that your gross receipt, turnover are also below 1 cr.
Also, if your sales, receipts or turnover is below 1 crore then you will be liable for audit if your net profit ratio is less than 8 %
You have to also make sure that your gross receipt, turnover are also below 1 cr.
Also, if your sales, receipts or turnover is below 1 crore then you will be liable for audit if your net profit ratio is less than 8 %
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