Vat audit u/s 61 of the mvat act
This query is : Resolved
tarunjjain
(Querist)
30 November 2011
MY CLINET IS TEXTILES MANUFACTURER, DURING THE YEAR HE HAD SOLD MACHINERY WORTH RS. 6100000/-
THE TAX AUDIT IS NOT APPICABLE AS TURNOVER AS PER INCOME TAX ACT IS RS. NIL.
WHETHER VAT AUDIT IS APPLICABLE ?
THE TAX AUDIT IS NOT APPICABLE AS TURNOVER AS PER INCOME TAX ACT IS RS. NIL.
WHETHER VAT AUDIT IS APPLICABLE ?
MJ Krishnamurthy
(Expert)
30 November 2011
Mr Author,
Yes,there is liability on sale of machinery as assets. It gets added to the turnover.
MJK
Yes,there is liability on sale of machinery as assets. It gets added to the turnover.
MJK
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