VAT TAX PAID UNDER COMPOSITION SCHEME
This query is : Resolved
18 January 2010
Hi,
In case Assesses paid VAT tax under composition scheme, Is he eligible to claim deduction under income tax act for computation of taxable income?
In case Assesses paid VAT tax under composition scheme, Is he eligible to claim deduction under income tax act for computation of taxable income?
18 January 2010
In case you are recording your sale and purchase inclusive of tax then you can claim deduction of tax paid under IT Act.
Regards,
Regards,
19 January 2010
In case of Composition Scheme sale and purchase is recorded iclusive of tax only. Right?
One more thing in which Category it will fall under Profit & Loss A/c?
One more thing in which Category it will fall under Profit & Loss A/c?
19 January 2010
Yes.
It will fall under indirect expenses and account head shall be VAT Tax Paid A/c.
Regards
It will fall under indirect expenses and account head shall be VAT Tax Paid A/c.
Regards
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