Suppose I have turnover of 95lacs (excluded vat tax payable account) and vat tax payable account balance is rs 10 lacs. so i required to audit under section 44ab.
2 Replies
Anubhav
(Student)
(589 Points)
Replied 22 March 2014
On second thought :
In books we pass entries like this :
Party A/c Dr.
To Sales A/c
To Vat Payable A/c.
Hence Sales of Rs.95 lakhs will be considered for u/s. 44AB of IT Act and hence audit will not be mandatory. IMO
Also IT act suggests no definition of Turnover.
Arpit
(article)
(116 Points)
Replied 22 March 2014
so as per section 44ad income is calculate 8% of 95 lacs
Recent Topics
- Huf property transfer
- Rent Paid By company but GSTR 3 B Return Reverse C
- F&O Loss carry forward and set off under the n
- SOLAR PLANT POWER
- Regarding chit broker commission gst
- Gst on security service provided by a pvt ltd co.
- First Year Audit of Pvt Ltd Company
- FD of My Deceased Grandfather have my name in nomi
- Investment in the name of minor
- Educational institute - Collection as " Other
Related Threads
CAclubindia
