20 September 2008
1.excise duty , 2. liability no longer payable written back should be added to gross turnover as per section 44AB?
EX: sales - 38lacs excise duty - 3lacs net sales is 35 lacs liability no longer payable written back - 4lacs in this situation this is not a tax audit is it correct?
21 September 2008
In Case of Excise Duty, It Will Depend Upon The Method Regularly Followed By You i.e "Inclusive Or Exclusive". In Case Of Inclusive Method, Yes. In Case Of Exclusive Method, No. In Case Of Liability Written Back, No Because It Will Not Form Part Of "Turnover" But it will be included in other income and turnover does not include other income.
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