tax audit query
This query is : Resolved
23 May 2011
while seeing sales limit(60lakh) for tax audit whether sale should be taken inclusive of vat or not?
23 May 2011
reply earliest plz.
Message likes :
1 times
23 May 2011
yes sale should be taken inclusive of vat.
23 May 2011
thanks ravi sir for early reply. means if sale is 57lakh and output vat is 4 lakh than audit is compulsory?
23 May 2011
yes dear in this case audit is compulsory.
24 May 2011
thanks sir for immediate reply
24 May 2011
The words sales, turnover and gross receipts are commercial terms and they should be construed in accordance with the method of accounting regularly employed by the assessee. If the sales tax collected is credited separately to sales tax account and payments thereof are debited in the same account, they would not be included in turn over.
Courtesy :- ICAI Publication "Issues on Tax Audit".
Courtesy :- ICAI Publication "Issues on Tax Audit".
25 May 2011
THANKS SIR FOR THE REPLY
25 May 2011
THAT MEANS IF WE SHOWS VAT SEPERATELY IN THE BOOKS OF ACCOUNT THAN SALE SHOULD BE TAKEN EXCLUDING VAT?
06 June 2011
I think sales should be considered for tax audit as per income tax act definition and as per income tax act sale should be inclusive of taxes
07 June 2011
thanks pankaj sir for reply
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