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.
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