Is Tax included in computation of Turnover for Audit?

Share
Share This Thread
  1. SANIA SETHI

    SANIA SETHI New Member

    Dear Sir
    My client's turnover is 92lakhs and as per Sec 44AB turnover limit is 1crore.
    But Sec 145A says turnover includes all taxes, cess, vat etc.
    Should i go for tax audit or not?
     
  2. Here "turnover sales" for the purpose of sec. 44AB may be interpreted to mean the aggreegate amount for which sales are affected or services renderd by the enterprise.
    In my opinion maintaining a/c's of excise duty,VAT seprately is not correct in terms of sec.145A of the IT act.
    In that sence for determining the word 'Turnover' ,VAT or excise duty should also be considered for the same.
    However,sales of scrap not included,cash discount not deducted,sales proceeds of fixed assets or any investments shall also be not included.
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
IS SERVICE TAX INCLUDED IN GROSS INCOME UNDER SEC 44ADA Income Tax Jan 9, 2017
Is Service Tax included in Limits for Deducting TDS? Income Tax Nov 7, 2016
What is deemed always to have included the power ? Income Tax Mar 8, 2016
Is VAT included in Turnover for purpose of Sec 44AB? Income Tax Aug 25, 2015
Is employer's contribution to NPS to be included in Salary while filing ITR? Income Tax Aug 18, 2015