Turnover limit for audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2012
sir,
plz clarify me about the turnover limit for tax audit purpose in the case stated below:
if an organisation has a turnover of Rs. 56 Lakhs (excluding all taxes)in the f.year 2011-12, but the turn over including sales tax (i.e. VAT) is Rs. 61 Lakhs and the n/p is more than 8% of Sales, then is the organisation required to be Audited u/s 44AB.
So plz guide me in understanding the term Turn over for Tax Audit purpose; is that including taxes or excluding taxes.
plz clarify me about the turnover limit for tax audit purpose in the case stated below:
if an organisation has a turnover of Rs. 56 Lakhs (excluding all taxes)in the f.year 2011-12, but the turn over including sales tax (i.e. VAT) is Rs. 61 Lakhs and the n/p is more than 8% of Sales, then is the organisation required to be Audited u/s 44AB.
So plz guide me in understanding the term Turn over for Tax Audit purpose; is that including taxes or excluding taxes.
Guest
Guest
(Expert)
24 August 2012
In second. 44AB it is menioned as gross receipts which will include service tax.so in this case tax audit will be applicable.
25 August 2012
Yes it is required
07 October 2021
No. VAT is excluded from the receipts when separately charged in invoice, as the amount is collected on behalf of government.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR validation error - Balance sheet is not filled
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
