Tax Audit
This query is : Resolved
08 July 2009
our client has receipt inclusive of service tax (Rs.197666.78) is Rs. 4109625
Being the net receipt is Rs 3998358 , is the assessee liable to get its accounts audited
Is the service tax amount recovered be included in the gross receipts
our client has receipt inclusive of service tax (Rs.197666.78) is Rs. 4109625
Being the net receipt is Rs 3998358 , is the assessee liable to get its accounts audited
Is the service tax amount recovered be included in the gross receipts
08 July 2009
There is difference between Gross Turnover and Gross Receipts.
Gross Turnover - Sales inclusive of tax.
Gross Receipts - Received from customers inclusive of tax.
Now if gross receipts exceeds 40L then you required to do tax audit.
Gross Turnover - Sales inclusive of tax.
Gross Receipts - Received from customers inclusive of tax.
Now if gross receipts exceeds 40L then you required to do tax audit.
08 July 2009
Hi,
It depends on the system of accounting maintained by you. If you have a seprate account of service tax then it is not includible in your turnover however if you credit the service tax in your sales account then you are liable for audit u/s. 44AB otherwise not.
It depends on the system of accounting maintained by you. If you have a seprate account of service tax then it is not includible in your turnover however if you credit the service tax in your sales account then you are liable for audit u/s. 44AB otherwise not.
08 July 2009
The view expressed by Mr.Sharma seems to be adopted since ICAI also suggests this method.
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