Limit for VAT Tax Audit
As per section 39 , subsection 2 of M.P. Vat Act, 2002 :
Every dealer whose turnover in a year exceeds rupees forty lacks shall get his
account audited by a Chartered Accountant and furnish the report of such audit in such
manner and within such time as may be prescribed.
Provided that a dealer who is an industrial unit having annual turnover of upto
ten crore rupees may get his accounts audited by a member of Institute of Cost and
works Accountants of India.
At present as per Section 39(2) a person need to get audited his account but there was no any type of Special format for reporting. In Future we need to report in form No. 41 A
Limit for Audit is similar to that of specified in Section 44AB of Income Tax Act, 1961 i.e. Rs. 4000000.