Section 44ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2013 Audit u/s 44AB is applicable if turnover DY excees Rs 1 cr.

Whether turnover includes VAT ?

FOR eg Sale of concern is Rs 98,00,000/- excluding VAT & sale including VAT is Rs 1,02,90,000/- in that case 44 AB is applicable?

vikas Manglani

vikas Manglani (Expert)
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27 June 2013 If VAT is shown in separate account then only sale amount will be considered.

You have to also make sure that your gross receipt, turnover are also below 1 cr.

Also, if your sales, receipts or turnover is below 1 crore then you will be liable for audit if your net profit ratio is less than 8 %