Sales tax and income tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 April 2013
Dear Everyone,
We have a partnership business (manufacturing) in Mumbai. We were under impression that Turnover threshold for Tax audit has been raised from 60Lacs to 1Cr. In financial year 12-13 we did sales of 62Lacs.
But our CA has informed us that we will have to do sales tax audit as its threshold is 60Lacs. Only income tax audit limit is 1Cr.
We are confused. Do we have to get sales tax audit done ?
We have a partnership business (manufacturing) in Mumbai. We were under impression that Turnover threshold for Tax audit has been raised from 60Lacs to 1Cr. In financial year 12-13 we did sales of 62Lacs.
But our CA has informed us that we will have to do sales tax audit as its threshold is 60Lacs. Only income tax audit limit is 1Cr.
We are confused. Do we have to get sales tax audit done ?
25 April 2013
Turnover limit for Maha. VAt Audit for 2012-13 is 60 lacs. Audit under MVAT Act is required if turnover exceeds prescribed limit.
02 June 2013
Your CA is correct and you have to get your MVAT audit done and submit it as soon as possible.
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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 einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
