term sale or turnover
This query is : Resolved
19 March 2010
For audit U/s 44AB the term sales or gross turnover means including all taxes or vat or only sale amount
19 March 2010
The answer is in affirmation law says in section 44AB
BUSINESS=GROSS RECEIPTS OR TOTAL SALES > 4000000
PROFESSION=GROSS RECEIPTS > 1000000
GROSS HERE MEANS INCLUSIVE OF TAXES,MARGINS,MARK-UPs,ETC.
BUSINESS=GROSS RECEIPTS OR TOTAL SALES > 4000000
PROFESSION=GROSS RECEIPTS > 1000000
GROSS HERE MEANS INCLUSIVE OF TAXES,MARGINS,MARK-UPs,ETC.
19 March 2010
agree
19 March 2010
It depends on method of accounting you are maintaining, say, if your invoices clearly shows the sales, taxes separately & you are showing taxes as current liabilities, then your turnover means only sales value excluding taxes, but if your sales invoices are raised not showing separately the sales & taxes amt.then your turnover will be the total amt. inclusive of taxes which is credited to P L a/c. then 44 ab is applicable if turnover exceeds 40 lacs.
19 March 2010
Partially in agreement with Ganadhar Sir. For the view of our Institute, please refer page 8 of "Issues on Tax Audit" (June 2000 edition) an ICAI publication.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
