Can vat demand raised be passed through p & l a/c
This query is : Resolved
20 September 2013
My assessee passes vat collected and paid through a seperate vat a/c(as a balance sheet item) and does not pass it through the P & L a/c. However this year a vat demand for the past period of Rs.120000 was raised by the vat department (in scrutiny assessmenr) which was paid and debited to P & L a/c. Is my assessee right in doing so ? Will it be an allowable deduction under I.Tax ?Please help
21 September 2013
It is correct. It will be allowable.
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