Tax Audit Applicability

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CA Nitin Wadhwani

CA Nitin Wadhwani (Querist)
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12 August 2008 Does Turnover Includes VAT?
Example-Sales:380000/- VAT-400000/-
Is Tax Audit Applicable?

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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12 August 2008 It is the system of accounting which matters. In case assessee accounts for sales at gross figures by taking into account the VAT amount also then the gross sales will be considered for the purpose of tax audit otherwise not.

CA Nitin Wadhwani

CA Nitin Wadhwani (Querist)
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12 August 2008 It Means If The Assessee Follows Inclusive Method He will Liable And If He Follows Exclusive He Won't Be.
Is There Any Provision To This Effect?

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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12 August 2008 you will follow ICAI's guidence note for the same
if you are debited/credited vat in seperate a/c & net amount is paid then it is not included in the sales

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