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.
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