Tax audit - turnover
This query is : Resolved
CA JAYESH RELKAR
(Querist)
03 September 2013
for counting the limit of 1 crore for turnover in tax audit, does it include VAT/CST, excise duty??
CA Parul Saxena
(Expert)
03 September 2013
Vat and CST are not added to turnover excise duty is added but in statement of profit and loss it is shown by way of deduction so vat,cst and excise duty not to be considered while considering the limit of turnover for tax audit.
Message likes :
1 times
08 September 2013
If the VAT,excise duty is routed through profit and loss account instead of maintaining a seperate account, the said duty and tax is part of turnover. Otherwise not.
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