Vat audit
This query is : Resolved
26 November 2012
Dear Sir,
My gross turnover including VAT is exceeding Rs.60 Lac. but our P/L is Exclusive of VAT .So Sales as per P/L is Rs.5970082/-
Whether I am Liable for MVAT Audit and Income Tax Audit?
My gross turnover including VAT is exceeding Rs.60 Lac. but our P/L is Exclusive of VAT .So Sales as per P/L is Rs.5970082/-
Whether I am Liable for MVAT Audit and Income Tax Audit?
26 November 2012
The accounting practice followed consistently is the CRUX. If you are doing that, your case for the financial year 2011-12 does not fall under income tax audit as well as MVAT audit.
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