2)As per sec 145A of the Income Tax Act,1961 value of VAT needs to be included in
closing stock. Correct or incorrect?
Stock valuation
Suresh Pai S (Tax Consultant) (1029 Points)
12 September 2017
Suresh Pai S (Tax Consultant) (1029 Points)
12 September 20172)As per sec 145A of the Income Tax Act,1961 value of VAT needs to be included in
closing stock. Correct or incorrect?
RAJA P M
("Do the Right Thing...!!!")
(127984 Points)
Replied 12 September 2017
Sanny Vora
(16 Points)
Replied 12 September 2017
SURESH HINDOCHA
(CA)
(22 Points)
Replied 13 September 2017
However as per ICDS II,now it is mandatory to include the same just for reporting purpose in 3CD.The same would increase the income and taxes are to be paid accordingly.However if you still deviate the standard,a note must be provided for such deviation.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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