Sanjay Jain (Chartered Accountants) (34 Points)
03 January 2014Dear friends,
One of my client is having t/o of less than 1 crore in FY 2012-13. However since profit was below 8% he got the accounts audited and file return with tax audit report. Now whether is he also required to get vat audit done evenif total t/o is below audit requirmemt i.e. less than 1 crore.??
Please reply
PSPSPS
(Practicing)
(1344 Points)
Replied 03 January 2014
Tax Audit & T/o & Income Norms of 8% else Audit are provisions under IT Act Sec 44AD & 44AB Not Applicable for VAT Act. VAT Act mentions purely T/o CRiteria for VAT Audit & no criteria provisions of Income % etc. I hope your query & doubt is cleared, You dont have to go in for VAT Audit
CAclubindia
