Tax audit and vat audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2012 Please guide me,
Eg; Nature of Business = Purchase of computer and its parts and selling on retail basis. Also taking contract for computer maintenance.
I have filed VAT return showing sales as 55 lacs. I have also recd Labor charges for 6 Lacs. M i liable for TAX Audit(Ay12-13 Limit 60 Lacs). If yes M i liable for VAT Audit?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

28 May 2012 You are liable to Tax Audit as your Total Turnover and Gross Receipts exceeds Rs 60.00 lacs.
.
Turnover limit for VAT Audit is State wise and if you are from Gujarat it is Rs. 1 Crore.
.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
Follow

28 May 2012 You are liable for Tax audit but not liable for VAT Audit as the taxable turnover does not increse to RS.60 lakhs.

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2012 Thanx sirs

Now i have 1 more query 55 lacs is Excluding VAt so if i have nt collected that labour chages, bt total sales 55 lacs and i have collected Vat of 12.5 % amts to 6.87 lacs. Sofor TAx Audit and VAT audit Turnover purpose i have to consider VAT. (M taking Setoff on Purchases).

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
Follow

28 May 2012 If you taking set off then it will not be included otherwise included.
Guidenance note on tax audit.

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2012 THANKS SIR

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now