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Turnover for Section 44AB

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 April 2010 hi,
kindly let me know, whether TAX audit is applicable in the following case:

a) Total sales (including VAT collected) is Rs. 43,00,000/- and the VAT collected amount is 4,50,000/-.

b) if there is a sales return, will the same be considered for calculation of turnover. (total sales excluding sales return is 38,50,000/- and sales return is Rs. 2,50,000/-)
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CMA.Palani Arumugam

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CMA.Palani Arumugam (Expert)
10 April 2010 a) Tax audit is applicable if turnover(including VAT) exceeds Rs.40 Lacs.

b) Sales return to be deducted from sales, if it is in the same financial year.
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