CAN YOU TELL ME IF ANY CLIENT GIVE PAYMENT ONLY OF AMOUNT OF BILL WITHOUT VAT AMOUNT.IN THAT WHAT SHOULD I OBLIGATION AGAINST THAT.
2 Replies
CA Riswa Parekh
(Practicing)
(1591 Points)
Replied 02 August 2010
IN THAT CASE YOU CAN GET CREDIT EVEN OF YOU HAD NOT RECEIVED FROM CLIENT (ONLY IF BILL IS TAX INVOICE AND YOU HAD MENTIONED VAT AMOUNT IN BILL) AND THE REST AMOUNT YOU HAD NOT RECIVED WILL BE DISCOUNT AND IF THAT AMOUNT IS MORE THAN YOU CAN ALSO GIVE CREDIT NOTE OF THAT AMOUNT TO THE PARTY AT YEAR END.
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