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Tax audit

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27 June 2012 Whether to include VAT element in turnover of sales to arrive at turnover limit for the applicability of TAX AUDIT.


Turnover to be taken for deemed profits u/s 44AD is to be inclusive of VAT or exclusive ?
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
27 June 2012 Dear Mr. Vijay,

VAT element is to be included only if VAT amount is not transferred to VAT liability account i.e in the balance sheet.
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