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R5 Turnover of Purchases

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(Querist)
06 August 2009
Why we show our purchases including Tax in the purchase turnover ?
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Amit Sheode

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Amit Sheode (Expert)
06 August 2009 There is no good reason as to why the purchase TO is shown incl tax. Actually as a generic rule it can be said that tax element is not included in the TO of Purchases/ Sales
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 August 2009 But section 145A(b) of the Income tax Act,1961 says any tax/duty/cess shall be added to the purchase cost.
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