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As per latest amendment for tax audit professionals (Dr.) it is 1500000 Rs. (1000000 Rs. previously).

So far reporting is concerned we may include VAT in the stock valuation applying section 145A of the Income Tax Act, 1961. However, in Tax Audit Report we may make a disclosure specifying the amount of Output VAT, Input VAT and VAT paid. The thing is in lines with Central Excise and Custom duties. So far as financial reporting is concerned we may not include VAT, Excise etc. Section 145A is included to reconcile this difference.