Tax Audit Applicability
This query is : Resolved
12 August 2008
Does Turnover Includes VAT?
Example-Sales:380000/- VAT-400000/-
Is Tax Audit Applicable?
Example-Sales:380000/- VAT-400000/-
Is Tax Audit Applicable?
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.
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?
Is There Any Provision To This Effect?
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
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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