SMALL BUSINESS NOT UNDER AUDITS
This query is : Resolved
24 December 2016
Small business not under audit. Not having TIN number also purchases are fully exempted can avail purchase as their expence in Profit and Loss Account
24 December 2016
Yes, The purchase can be shown in P&L account.but it should not more than by the Vat act.
25 December 2016
Purchased to be treated as expenses to be charged in profit and loss account.
26 December 2016
Thanks Both of you,
Let me add as per Vat what is a limit for purchases in one year. Like sales if turnover is more than 5 lack it is mandatory to take TIN No. Like wise
27 December 2016
Each state specified limit for tin registration which varies from state to state.
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