Closing stock - with tax or without tax ?
This query is : Resolved
31 May 2013
Dear friends, While uploading closing stock in Tally, whether it should be inclusive of tax or exclusive of tax? Kindly reply. urgent.
31 May 2013
As per the AS-2 "Valuation of Inventory" Closing stock should be valued excluding refundable or creditable taxes or any other if any.
So if such taxes are either refundable or creditable and to be adjust in the future payment liability of tax then the value of closing stock should be excluding of taxes. In case of non-refundable or non-creditable taxes then value of closing stock includes taxes.
OM SAI SRI SAI JAI JAI SAI
So if such taxes are either refundable or creditable and to be adjust in the future payment liability of tax then the value of closing stock should be excluding of taxes. In case of non-refundable or non-creditable taxes then value of closing stock includes taxes.
OM SAI SRI SAI JAI JAI SAI
31 May 2013
Further, as per AS 2. Closing stock should be valued at Cost or Net Realizable value which ever is less. So if Cost is less the closing stock should include all taxes and duties less input credit taken or to be taken as suggested by expert above.
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
- Tax on Deemed Capital Gain
- TDS on property - Form 141 query
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- IT returns for fresh job holders
- Traces submitting correction statement error
- Gst on travel by air for business purposes
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
