Hello All,
Need an advice..
A person has shown different sale and purch amt in tax audit than in vat audit.
Tax auidt is over , now vat audit is going on and it was found that the figure of purch and sale is much more than the amt shown in tax audit.
How will he save himself now..
Any solution
In case of any mismatch between the Tax audit and VAT audit, reconciliation has to be prepared and the reason for the difference has to be analysed. The definition of sales and purchase can be different while preparing the books of Accounts / Tax audit and the definition as per VAT law of that particular state.
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