Issue in 44Ab and DVAT

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..... As per Budget 2012 the limit of 44AB has been extended by 1 Cr but is the same limit will be applicable in case of DVAT also ? In other words if an assessee having turnover of 80 lacs and registred under VAT then whether he is liable to get his accounts audited to fullfill the requirments in Delhi VAT ? Thanks in advance - Reply By Pradeep Khatri - The Reply = Since both the Tax i.e. I .....

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..... ncome Tax and DVAT are exclusively independent, i.e. one is central act and the other one a levied by the Delhi State, therefor provisions of the Section 44AB of the Income tax act would not be applicable in determining the conducting the audit under DVAT Act. - Reply By Vinod Kumar - The Reply = Sir I am taking about the Balance sheet and Profir loss account along with audit report req .....

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..... uired to be submitted to the DVAT Department in the month of Jan each year not about the DVAT Audit ? I mean if a VAT dealer is having turnover of 80 lacs in the FY 2012-13 need not to get his account audited in the income tax act, 1961 but whether he has to submit the Audited Balance sheet and Profit Loss account along with audit report to the VAT Department ? Regards - Issue in 44Ab and .....

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..... DVAT - Query Started By: - Vinod Kumar Dated:- 13-12-2012 Value Added Tax - VAT-CST - Got 2 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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