Home > Experts > Income Tax > Closing Stock Valuation Section 145A


Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Closing Stock Valuation Section 145A (Income Tax)

Report Abuse
This query is : Resolved


( Author )
18 September 2007

As per Section 145A the purchases, sales and inventories to be valued inclusive of taxes, duties, cess, etc incurred or paid. VAT introduecd during the FY 2006-07. Sales effected out of opening stock also and that stock is on declaration of forms or exempted goods. Is the closing stock to be valued with VAT on such stock as well as the opening stock also. Is Vat receivable only to be added in closing stock or the actual VAT paid on closing stock should be added. Further as per new ITR in the P& L a/c the Purchase, sales, closing stock etc to be inclusive. Can we do adjustment in computation only and the net effect can be shown in adjustment. If this method is followed then will it not be treated as defective return as the P& L not prepared as required in the form.

Regards
R K Dhandia


Mallidi Ramabrahmananda Reddy

( Expert )
19 September 2007

In case the accounts are required to be audited by a chartered accountant the valuation of inventories are supposed to be made as per the accounting standard for inventories. If the case is so the requirement for Sec 145A can be met by adjustment in statement of total income and as such the same can't be treated as deffective return u/s 139 of the Income tax Act 1961


Ravikumar.G

( Expert )
04 October 2007

The following path will provide you step by step procedure to comply with sec 145A. Kindly download it.

http://caclubindia.com/files_display.asp?files_id=1559


KAAPIL

( Expert )
08 November 2007

Thanks to all.


Previous

Next

You need to be the querist or approved CAclub expert to take part in this query .


Click here to login ( Members Login ) now


Similar Resolved Queries :









submit










Quick Links





back to the top