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vat deduction

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Guest

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Guest (Querist)
24 December 2010 Does vat paid qualifies for deduction in income tax?, if yes how much amount. Whether payment is necessary to claim deduction??
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
24 December 2010 Yes, VAT paid is deductible expenses. However, if provision is made for payment of VAT than the same shall be paid within the time as prescribed under VAT Act. IF not paid VAT is disallowed and added to income.
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Hitender Gaur

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Hitender Gaur (Expert)
25 December 2010 All dueties and taxes are deductable expenses. So, VAT is also qualifies for deduction in income tax. I am agree with Hussain.
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