Whether Tax Audit is necessary?
This query is : Resolved
09 May 2010
If at the year end 31/03/2010 my sales is Rs. 42,50,000 and on 02/04/2010 if one of my customer returns the goods worth Rs. 3,00,000, then will the sales return be considered? and do I need to get my accounts audited if sales return is deducted?
09 May 2010
Your sales for the financial year (includind sales returns during that year)will be considered for the definition of Turnover u/s 44AB.
In Your case, sales return is arising in the subsequent year.
Hence, you are supposed to get the Tax Audit done.
In Your case, sales return is arising in the subsequent year.
Hence, you are supposed to get the Tax Audit done.
09 May 2010
AGREE
CA Ravi Sisodia
(Expert)
09 May 2010
Agreed.....
Vinod Kumar Mathuria
(Expert)
10 May 2010
Agreed, as per the guidance note issued by ICAI, only that sales return which received in financial year under consideration should be taken, in your case sales return was made in next financial year, hence tax audit is required, however the return of sales will be considered in next financial year.
CA Amit Agrawal
(Expert)
10 May 2010
For the benefit of client suggestion can be given to client to consider the sales return in FY 2009-10 on 31-03-2010. So that Provision of sec 44AB can be avoided otherwise tax audit is required.
Because as per the guidance note issued by ICAI, only that sales return which received in financial year under consideration should be taken, in your case sales return was made in next financial year, hence tax audit is required.
Because as per the guidance note issued by ICAI, only that sales return which received in financial year under consideration should be taken, in your case sales return was made in next financial year, hence tax audit is required.
CMA Arif Farooqui
(Expert)
12 May 2010
agreed
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
