limit of turnover for audit

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CHETAN SOMAIYA

CHETAN SOMAIYA (Querist)
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31 May 2011 Limit of turnover under Income Tax Act for Audit u/s 44AB , whether inclusive of MVAT or exclusive

CA Sanat Pyne

CA Sanat Pyne (Expert)
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31 May 2011 The definition of Turnover as per guidance note issued by ICIAI may hold good for classification and nomenclature in Company Audit Reports. However as far as Income Tax Act Audit provisions u/s 44AB, the term referred is Total Sales, Turnover or Gross Receipts which encompasses all inclusive taxes such as Sales Tax, Excise duty, service tax etc even though the assessee maintains a seperate account for the same.