tax audit query

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CA ADITYA SHARMA

CA ADITYA SHARMA (Querist)
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23 May 2011 while seeing sales limit(60lakh) for tax audit whether sale should be taken inclusive of vat or not?

CA ADITYA SHARMA

CA ADITYA SHARMA (Querist)
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23 May 2011 reply earliest plz.

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CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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23 May 2011 yes sale should be taken inclusive of vat.

CA ADITYA SHARMA

CA ADITYA SHARMA (Querist)
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23 May 2011 thanks ravi sir for early reply. means if sale is 57lakh and output vat is 4 lakh than audit is compulsory?

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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23 May 2011 yes dear in this case audit is compulsory.

CA ADITYA SHARMA

CA ADITYA SHARMA (Querist)
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24 May 2011 thanks sir for immediate reply

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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".

CA ADITYA SHARMA

CA ADITYA SHARMA (Querist)
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25 May 2011 THANKS SIR FOR THE REPLY

CA ADITYA SHARMA

CA ADITYA SHARMA (Querist)
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25 May 2011 THAT MEANS IF WE SHOWS VAT SEPERATELY IN THE BOOKS OF ACCOUNT THAN SALE SHOULD BE TAKEN EXCLUDING VAT?

Pankaj Gandhi Jaiswal

Pankaj Gandhi Jaiswal (Expert)
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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

CA ADITYA SHARMA

CA ADITYA SHARMA (Querist)
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07 June 2011 thanks pankaj sir for reply

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