29 June 2013
One of my friend wants to file income tax return for loan purposes. Approxmately turnover has to be shown in Income Tax Return 15,00,000/-. But if turnover of business is more than Rs. 5,00,000/- as per VAT Act is mandatory to take registration of Sales tax. My question is there is any effect of sales tax.
30 June 2013
FIRSTLY YOU HAVE TO SHOW SUCH GOODS WHICH ARE EXEMPT IN VAT. IF YOU CANNOT SHOW, THEN YOU MAY BE CAUGHT BY THE SALES TAX AUTHORITY CLAIMING THE TAX.
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