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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
