Closing Stock Valuation
This query is : Resolved
21 June 2010
Situation: In trading & Profit & Loss Account Input Vat Credit/ Vat paid & output vat is shown separately on respective side and excess of input vat credit on output vat collected is shown as vat refundable.
Question: Whether vat attributable to the cl.stock should be included in the valuation of closing stock as per income tax act?
Question: Whether vat attributable to the cl.stock should be included in the valuation of closing stock as per income tax act?
23 June 2010
no not to be included in stock, better to route all vat entries under group of provision or liability or current assets
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- SFT Cash Deposit in Current Account
- Annual return in Gst
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
