TAX AUDIT APPLICABILITY

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Manoj Baby Daniel (Querist)
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08 January 2010 CA PROPRIETORY FIRM HAS TURNOVER OF 11 LACS ( PROF FEES) WILL IT BE SUBJECT TO TAX AUDIT.
ALSO IF ANSWER IS YES, WILL SERVICE TAX COMPONENT CONSIDERED AS PART OF TURNOVER FOR TAX AUDIT OF PROPRIETORY CHARTERED ACCOUNTANTY FIRM

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 January 2010 Yes.
Depends on the method of accounting regularly employed. If service tax collected is seperately credited in an account and serice tax paid is debited in that account itself, service tax collected will not form part of Gross receipts for the purpose of section 44 AB of the Income tax Act,1961 as opinioned by ICAI ,in the contest of sales tax, through thier publication 'Guidence note on Tax Audit'

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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09 January 2010 Yes. Agreed with Mr. warrier

CA Manasa

CA Manasa (Expert)
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09 January 2010 Yes Agree with the members

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