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TURNOVER UNDER SECTION 44AB

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(Querist)
25 May 2009 DEAR EXPERTS

TURNOVER FOR THE PURPOSE OF SECTION 44AB OF INCOME TAX ACT MEANS INCLUSIVE OF VAT OR EXCLUSIVE OF VAT.

FOR EX. IF THE TURNOVER WITHOUT VAT IS 38.00LAKHS AND VAT THEREON IS 4.75LAKHS, SO DOES THE ASSESSEE REQUIRES TO GET AUDIT THE BOOKS OF ACCOUNTS OR NOT.

PLEASE REPLY. THANKING U
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CA.BHARAT BHUSHAN

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CA.BHARAT BHUSHAN (Expert)
25 May 2009 It depends upon the treatment of sales invoices u are doing in ur books.If u r regularly crediting the Sales Tax in Separate Account, bill wose then Turnover will be excluding of Sales Tax, but if you are not transferring Sales Tax in a separate Account, then it would be taken by including Sales Tax.You may also refer the guidance note on Tax Audit U/s 44AB issued by ICAI.However, for saferside or to avoid the litigations, it is advisable to include the Sale tax in both the cases.
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