Tax audit u/s 44 ab of the income tax act.
This query is : Resolved
26 September 2016
My client has Gross Turn over of Rs.1,15,00,000( 1.15 Cr.) incuding OUT PUT VAT UNDER GUJRAT VAT ACT, IN F Y 2015-2016 BUT IF EXCLUDE VAT AMOUNT NET TURN OVER IS RS.97.00 LACS . OUT PUT VAT WE ARE CREDITED TO SEPARATE ACCOUNT ,& AS & WHEN PAID WE DEBIT TO VAT ACCOUNT . MY QUESTION IS TAX AUDIT IS APPLICABLE FOR A Y 2016-2017 ?
In profit & loss Account Sales will be crediteed by Rs.97.00 lacs . pl advice
JAYESH SHAH
In profit & loss Account Sales will be crediteed by Rs.97.00 lacs . pl advice
JAYESH SHAH
27 September 2016
Output vat is not a part of Turnover. So your turnover is 97 lakhs. Tax audit u/s 44AB is not applicable on this
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