Tax audit and vat audit
Querist : Anonymous
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?
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Turnover limit for VAT Audit is State wise and if you are from Gujarat it is Rs. 1 Crore.
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Querist : Anonymous
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).
Guidenance note on tax audit.
Querist : Anonymous
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