gross receipts , sales, turnover under sec 44 AB
This query is : Resolved
19 July 2009
whether sales tax collected in respect of sales made has to be included in the "total gross sales, turnover, gros receipts" for determing the treshold limits of Rs.40 lakhs for audit purpose
19 July 2009
yes
20 July 2009
It depends upon the System of Accounting being followed by the Assessee. In case the assessee does not include Sales Tax in the Sales/ Turnover then the limit for Section 44AB will be analysed in view of the sales booked excluding the Sales Tax.
However, there is requirement of Section 145A of the Income Tax Act to account for Sales, Turnover etc at gross figures so as to include Sales Tax, Excise etc.
However, there is requirement of Section 145A of the Income Tax Act to account for Sales, Turnover etc at gross figures so as to include Sales Tax, Excise etc.
20 July 2009
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