CA Sanjay Baheti (PROPRIETOR) (1155 Points)
29 June 2010
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Pls. clarify, whether sales tax/vat is added to total turnover for calculating the limit of gross receipt of Rs. 40 lacs. For example assume total sales excluding vat is Rs. 3900000/-. VAT is Rs. 150000/-. The assessee shows sales net of sales tax in trading account i.e.at Rs. 3900000/-. Is he required to get the accounts audited.
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LLOYD VAZ
(Free Lancer)
(158 Points)
Replied 29 June 2010
In the above example the accounts need not be audited it does not come under TAX audit. Turnover should cross Rs.40 lacs i.e sales without VAT. Output VAT comes in Duties & Taxes as a liability and not under P/L Account. Due dt of filing return will be 31st July 2010.
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 29 June 2010
There is no need for Tax audit in this case
bcoz all the refundable or adjusted tax are not inclued in the means of the Gross Recepit or Gross turnover
CAclubindia
