Suppose I have turnover of 95lacs (excluded vat tax payable account) and vat tax payable account balance is rs 10 lacs. so i required to audit under section 44ab.
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Turnover for the purpose of section 44ab
Replies (2)
On second thought :
In books we pass entries like this :
Party A/c Dr.
To Sales A/c
To Vat Payable A/c.
Hence Sales of Rs.95 lakhs will be considered for u/s. 44AB of IT Act and hence audit will not be mandatory. IMO
Also IT act suggests no definition of Turnover.
so as per section 44ad income is calculate 8% of 95 lacs
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