Home > Indirect Tax > Limit for VAT Tax Audit

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.

Categories: Indirect Tax
  1. January 10, 2011 at 12:04 pm

    Send me all updates of this sites.

  2. Omprakash jain
    January 31, 2011 at 4:13 pm

    Pls .Provied the details me that vat & service tax & sales tax when will be applicable ?

    if i started the business in labour supply on erection & commissioning work ?

  3. Omprakash jain
    January 31, 2011 at 4:15 pm

    I want to know when vat & sales tax are applicable on turnover ,if i am enagaged in labour supply of erection & commissioing work??

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