As per Section 44AB of Income Tax Act, if Turnover is more than 1 Crore, then Audit is required. As per GST Act, Audit is required if total turnover cross 2 for the accounting year.
My Query is, due to inter-branch Sales between two Branch offices located at different States, Invoice was raised and sales was recorded as Inter-Branch Transfer Outward. Due to these Inter-branch transfer, total Turnover Cross 1 Crore. In such a situation, whether Audit is required as per Income Tax Act?
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Audit Query as per IT Act and GST Act.
Replies (2)
From Income tax viewpoint, such inter branch transfer would not club with the turnover of the branch.
However, under GST, such inter branch transfer constitutes as supply, thereby it will be included in turnover for GST purpose.
If anyone has different views, lmk.
Under Income Tax your Sale Considered on The basis of PAN for all business
And for GST purpose GST Number Basis
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