Valuation of Purchase & Sales under Income Tax Act
This query is : Resolved
26 March 2009
Section 145A
Assessee is engaged in the business of jewellery.
Whehter assesee can debit VAT paid on purchase to Duties and Taxes under the head current liabilities.
Whether it is mandatory to include the VAT Paid on purchase in the purchase account.
Assessee is engaged in the business of jewellery.
Whehter assesee can debit VAT paid on purchase to Duties and Taxes under the head current liabilities.
Whether it is mandatory to include the VAT Paid on purchase in the purchase account.
26 March 2009
VAT paid on purchase will be debited to input credit account under current assets and this account will be adjusted with VAT liability on sales of finished product
26 March 2009
yes it must be brought under the Duties and Taxes.
And VAT paid on purchased must be shown in separate VAT ACCOUNT and not to be include in Trading Account or in purchase Account.
And VAT paid on purchased must be shown in separate VAT ACCOUNT and not to be include in Trading Account or in purchase Account.
28 March 2009
Section 145A of the Income Tax Act says that the tax paid on purchase to be included in the purchase account, then how it possible to debit the said amount to duties and taxes
18 May 2009
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Gst Sales of FY 2023-24
- RCM - commercial rent paid to URP under GST
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- TDS NUMBER SURRENDER
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
