SMALL BUSINESS NOT UNDER AUDITS

This query is : Resolved

GANESH DATTATRAYA JOSHI (Querist)
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24 December 2016 Small business not under audit. Not having TIN number also purchases are fully exempted can avail purchase as their expence in Profit and Loss Account

Tej Maheshwari

Tej Maheshwari (Expert)
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24 December 2016 Yes, The purchase can be shown in P&L account.but it should not more than by the Vat act.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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25 December 2016 Purchased to be treated as expenses to be charged in profit and loss account.

GANESH DATTATRAYA JOSHI

GANESH DATTATRAYA JOSHI (Querist)
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26 December 2016 Thanks Both of you, Let me add as per Vat what is a limit for purchases in one year. Like sales if turnover is more than 5 lack it is mandatory to take TIN No. Like wise

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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27 December 2016 Each state specified limit for tin registration which varies from state to state.