VAT treatment as per Income Tax Act
whether the VAT Refundable is chargeable to tax
will it be consuidered as Income?
3 Replies
BHAGYESH RAVANGE
(C.A Job)
(1528 Points)
Replied 06 October 2009
If the Vat was allowed as an expense earlier at the time of payment, eg : any purchase for which no input credit is claimed then, it will be taxable on refund u/s Sec. 41
If I am wrong then tell me the same
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 06 October 2009
yes, bhagyesh is right.....
Rajesh Jabade
(Process Associate)
(31 Points)
Replied 13 September 2010
Hi,
I have several questions relating to VAT. Please solve my problems.
purchased the goods from manufacturer Rs 10000/- paid VAT Rs 400/- then sold the goods 20000/- after giving the discount 40%. What is the vat payable amount?
1.whether vat is payable after deducting the discount or some other treatment is there is there?
2.if discount is given at more rate even out put vat is received is less than input vat what is the treatment?
Thanks
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