Turnover for Section 44AB

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2010 hi,
kindly let me know, whether TAX audit is applicable in the following case:

a) Total sales (including VAT collected) is Rs. 43,00,000/- and the VAT collected amount is 4,50,000/-.

b) if there is a sales return, will the same be considered for calculation of turnover. (total sales excluding sales return is 38,50,000/- and sales return is Rs. 2,50,000/-)

CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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10 April 2010 a) Tax audit is applicable if turnover(including VAT) exceeds Rs.40 Lacs.

b) Sales return to be deducted from sales, if it is in the same financial year.