I have more purchase return than purchases in FY 23-24 resulting in negative purchases. How do I show the same in P&L statement of ITR as it is not allowing to file negative figure.
Please suggest.
anonymous (proprietor) (248 Points)
22 July 2024I have more purchase return than purchases in FY 23-24 resulting in negative purchases. How do I show the same in P&L statement of ITR as it is not allowing to file negative figure.
Please suggest.
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5148 Points)
Replied 23 July 2024
In the ITR(Income tax return), report the correct figures in the relevant schedules:
1.Schedule Cl: Show the correct purchases and sales figures.
2Schedule COGS; Reflect the adjusted cost of goods sold.
3.Schedule PL: Ensure the net profit or loss is accurately reflected.