whether tax audit required
This query is : Resolved
10 July 2008
Sir,
If a company is having Net sales of Rs.38.10 lakhs + Sales Tax Rs. 2.45 = Gross turn over Rs. 40.55
Or Professional receipts Rs. 9.00 lakhs + Service Tax Rs. 1.11 lakhs = Total receipts Rs. 10.11 lakhs.
Then whether tax audit is required
If a company is having Net sales of Rs.38.10 lakhs + Sales Tax Rs. 2.45 = Gross turn over Rs. 40.55
Or Professional receipts Rs. 9.00 lakhs + Service Tax Rs. 1.11 lakhs = Total receipts Rs. 10.11 lakhs.
Then whether tax audit is required
11 July 2008
It is the method of accounting followed by the assessee whereby it is decided that Tax Audit is required or not. In the instant case, if the sales or receipts are recorded with gross figures, i.e, by including Sales Tax or Service Tax therein,then the tax audit is to be conducted otherwise not.
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
- CLOSING STOCK QUERY
- Taxation on Old jewellery sold
- ITR-Capital Gain
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Reporting in TDS return
- Error in uploading Form 10BD
- Query regarding reporting of exempt foreign remuneration in ITR
- F&O reporting in ITR
- TDS on rent received on hardship compensation being rent on redevelopment of building
- NRI INSURANCE ADVISOR
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
