Hi,
Turnover for the applicability of tax audit for the business is whether inclusive of Service tax figure or net of service tax.
(for A.Y. 2010-2011)
Eg. Fees Received for the year Rs. 39,00,0000
Service Tax on the above Rs. 4,01,700
Aggregate Fees received Rs. 43,01,700/-
If anybody can help me in this matter, plaese do the needful.
Thanks,
Sachin Gupta
Turnover should be Gross Turnover for purpose of Sec 44AB.
Therefore, Tax audit should be applicable.
It depends upon the treatment of sales invoices u are doing in ur books.If u r regularly crediting the Sales Tax in Separate Account, bill wose then Turnover will be excluding of Sales Tax, but if you are not transferring Sales Tax in a separate Account, then it would be taken by including Sales Tax.You may also refer the guidance note on Tax Audit U/s 44AB issued by ICAI.However, for saferside or to avoid the litigations, it is advisable to include the Sale tax in both the cases.
Thanks to all for reply
Regards,
Sachin Gupta
CAclubindia
