how to calculate Turnover with Vat or Without vat please Kindly reply me my query is which amount should we taken for calaculating turnover sales with vat or sales without vat
for example i have sold goods in the financial year 2015-16 90,00000.00 excluding vat
and the vat amount is 1200000 am i applicable for income tax audit which amount should we show in Trading account 90 lakh or 10020000 please reply me
Plz elaborate your query
For tax audit, yes, turover includes VAT (Sec 145A)
Dear afjal,
You have take turnover without vat in trading account and Tax to current liabilities.
and income tax audit is consider without vat sales turnover.
check the accounting policy maintained and
consider the sales turnover which is taken in GP sales
thanks a lot
CAclubindia
