12 August 2014
Please advise me regarding the treatment n implication in the below case
If I m an NGO collecting donation frm the school which the school collect frm its students for participating in a noble cause n the NGO purchase some particular product in bulk frm the company n give as a gift to the respective student for the participation in the cause. Then is this will be treated as a purchase for the NGO or as it's expenses??
N also is the company (from which the NGO is purchasing the product) liable to pay any Vat applicable to the product???
Please advise me about various implications. .
CAclubindia
