Query related to tax audit limit

No, Manish. As per ICAi guidlines it should not be counted

Agreed with Govinda

Our construction project is going on Bangalore, Head office is in delhi,

We have purchased rs.20,00,00/- from Bangalore itself(local purchase), but the suppliers invoice raised Head office address, How we will claim the INPUT VAT

We have purchased the materials on 9.9.2011, Please look into please suggest us,and how we will

claim the input vat,

i m mot able to understand ur query Magesh..

coz i think if the supplier raised bill in d name of head offyc den it wud be a cst bill??

no question of VAT..

It is not counted under tax audit limit ....

Mr Magesh, generally a regs. co has innumerable operations in various states, thus, they obtain local TIN no in each state for operations. whatever you purchased from Bangaluru should certainly come under the ambit of local VAT, and the supplier is deemed to specify the Bangaluru "Local address"(which is mentioned for local VAT registration process) in the Bill raised to your Co.

However, he have raised a Bill in the name of H.O. at Delhi, which he can do so in either of following manner:

1) Raise a Relaxed CST Bill, against a C Form due from Delhi office OR

2) Raise a Normal CST Bill at High Rate, against which there is no needful to be done

Now, in either of case there is No possibility of any Input credit Booking because its a CST purchase, however in the second case, the material shall be more costly.

Thus, now you are suggested to check the invoice, to check CST value or Else its sure that the Invoice is a void ab initio, and hence request your supplier to raise a correct invoice, by the explanating the requisite specifications

Regards and Cheers

hi all Members,

Can you please tell me that if we are earning income form outside india and we are getting payment thorugh internet(Online)  then what will be the tax treatment of it?

reply as soon as possible.

@ DEEPA    = INCOME DEEMED TO ACCRUE OR ARISE IN INDIA, IS TAXABLE IN THE HANDS OF RECEIPIENTS

So, simply disclose the source of income by classifying under suitable "heads of income " in return of income and pay Tax accordingly

Hope that helps

Cheers............

Magesh,, Its all about the movement of material,, if you can prove that the goods does not move outside the state then you can claim easily input VAT,, and normally the invoices are the second aspect for knowing that goods moved where,, but the primary aspect is transporter copy or builty.....

so, you should clarify yourself whether goods move within the state or outside the state.

https://icai.org/new_post.html?post_id=7577&c_id=219

As per ICAI guidelines sec.44AD, AE & AF are not counted for audit puposes

yes , Audit under section 44 AD,44AEand 44 AF are not counted for max tax audit limit

No he is not liable to Tax Audit u/s 44AB but he is required to Audited his books of accounts as he disclosed his income less than presumtive exemption i.e below 8%