hi,
My question is that a firm is not paid his VAT Liability as well as Returns of last 2 quarters for PY 2008-09. Now VAT A/c shows a cr balance of RS 34.5 Lac.. The Partnership firm Shows a net profit of rs 14 lac before the following adjustment..(i.e purchase a/c & sale a/c does not include VAT amount) . Question Is Will the VAt Liability increase my Net Profit or Not. . As per sec 145 A excise & vat will include in both sale & purchase , after doing dis my profit goes to 48.5 lac.. plz suggest me..
Thanks in Advance..
CAclubindia
