LAIBILITY OF AUDIT

This query is : Resolved

NIRAV SAVLA (Querist)
Follow

19 July 2011 CASE:

SALES WITHOUT INCLUDING VAT = 59,00,000
VAT (GROUPED IN CURRENT LAIBILITY) ON SALES = 3,00,000

IS HE LIABLE FOR AUDIT

(FOR LIMIT OF 60 LACS SALES SHOULD BE INCLUSIVE OF VAT OR EXCLUSIVE)?

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
Follow

19 July 2011 Sales should be exclusive of VAT.

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
Follow

19 July 2011 But you have to keep in mind Section 44AD also. SO if you show your profits below 472000(i.e. 8% of Turnover). then also you have to get your accounts audited.

Upgrade to CAclubindia Pro. Subscribe Now!