Tax audit
This query is : Resolved
R. A. RAI.
(Querist)
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
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
(Expert)
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.
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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