Vat paid is allowable under i.tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2012
Whether VAT paid is allowable under income tax from income. i.e My profit as per P & L A/c.is Rs. 400000 and i paid VAT on sales Rs. 25000. Can i show net profit 375000(400000-25000) in IT return and paid tax on Rs. 375000.
27 September 2012
vat paid is indirect expenses, and allowed under P/L account as expenditure, provided such amount is utilized within march 31st,
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2012
Vat paid after March but before due date of return than vat paid is allowed under income tax in return.
27 September 2012
make liabiliy of such vat due, and it would be allowed.
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