Tax audit

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R. A. RAI. (Querist)
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11 May 2012 pls let me know For determining Tax audit limit of Rs. 60 Lacs whether VAT amount also included in sales amount? thanks

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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11 May 2012 It depends upon the system of accounting you follow. If you report your turnover inclusive, then it will be considered. But if the VAT is credited to a separate account under duties and taxes, then no need to consider them under turnover for Audit.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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11 May 2012 Agree with the Expert,

Further, you should always credit amount of under liabilities account. Since, even if you credit the Vat/CST Amount in sales then also corresponding amount has to be debited to PNL as per Guidance note on Tax Audit.

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