Audit of Accounts

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..... Audit of Accounts
Query (Issue) Started By: - Nitika Patni Dated:- 25-6-2010 Last Reply Date:- 29-6-2010 Other Topics
Got 2 Replies
Indian Laws
U/S 44AB of Income Tax Act it is mandatory .....

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..... to get accounts audited if gross sales turnover or gross receipts exceed Rs 40 Lakhs. I want to know whether while calculating the gross receipts or gross sales the amount of Service Tax is to be inc .....

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..... luded or excluded. Experts opinion is urgently required. Please help. Nitika. Reply By GOPALJI AGRAWAL: The Reply: Nikita, service tax is not added for the purpose of turnover u/s 145A. But make sur .....

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..... e that the assessee is not showing the gross sales including service tax. Reply By DEV KUMAR KOTHARI: The Reply: AS per specific provisions of service tax, service tax stands diverted at source on co .....

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..... llection, so it cannot be considered as trading receipt or gross turnover or receipt etc. As usual ST shoudl be shown separetely in bills, and accounts otherwise, it can be considered as trading recei .....

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..... pt and ST paid as separate item of cost of services rendered.
Discussion Forum - Knowledge Sharing .....

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