TAX AUDIT
This query is : Resolved
03 September 2010
If an assesse has income from buisness of about Rs 38Lakhs and VAT collected of Rs 3 Lakhs should his books of accounts be audited
03 September 2010
Two views are there on the same.
As per guidance note on tax audit issued by the institute turnover does not include VAT whereas as per Section 145A of the Income Tax Act sales should include VAT.
As per guidance note on tax audit issued by the institute turnover does not include VAT whereas as per Section 145A of the Income Tax Act sales should include VAT.
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