Tax audit and vat audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2012 Please guide me,
Eg; Nature of Business = Purchase of computer and its parts and selling on retail basis. Also taking contract for computer maintenance.
I have filed VAT return showing sales as 55 lacs. I have also recd Labor charges for 6 Lacs. M i liable for TAX Audit(Ay12-13 Limit 60 Lacs). If yes M i liable for VAT Audit?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 May 2012 You are liable to Tax Audit as your Total Turnover and Gross Receipts exceeds Rs 60.00 lacs.
.
Turnover limit for VAT Audit is State wise and if you are from Gujarat it is Rs. 1 Crore.
.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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28 May 2012 You are liable for Tax audit but not liable for VAT Audit as the taxable turnover does not increse to RS.60 lakhs.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2012 Thanx sirs

Now i have 1 more query 55 lacs is Excluding VAt so if i have nt collected that labour chages, bt total sales 55 lacs and i have collected Vat of 12.5 % amts to 6.87 lacs. Sofor TAx Audit and VAT audit Turnover purpose i have to consider VAT. (M taking Setoff on Purchases).

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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28 May 2012 If you taking set off then it will not be included otherwise included.
Guidenance note on tax audit.

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2012 THANKS SIR