Relating to FY 09-10
As per sec 44AB , A Person carrying on business, where the total sales exceeds 40 Lakhs is required to audit under the income tax. here total sales means
1 .net sales ( sales minus returns - excluding tax ) or
2. gross sales ( sales minus returns - including tax )
which one is correct .. ? pls help
one of our client's turnover is Rs. 39,99,400/- (excluding tax) is required to audit under income tax ?
CAclubindia
