Disclosure of sales in Profit & Loss account
This query is : Resolved
25 August 2007
In SCH VI, can sales be grossed up and shown. My sales component includes service tax, VAT and Works Contract tax. If only net sales is to be disclosed, is there any reference to substantiate our interpretation
27 August 2007
Hi Manoj Singh,
It is better to disclose in the following pattern
Sales (Gross) *******
Less:
1. Vat *****
2. Excise Duty *****
3. Service Tax ****
4. Works Contract Tax ****
Net Sales *******
It is better to disclose in the following pattern
Sales (Gross) *******
Less:
1. Vat *****
2. Excise Duty *****
3. Service Tax ****
4. Works Contract Tax ****
Net Sales *******
06 September 2007
Hello Mr Manoj,
you need to disclose the detailed breakup for the sales in you books.
you need to disclose the detailed breakup for the sales in you books.
12 October 2007
As per accounting standared Interpretation (ASI) and AS the gross turnover should be disclosed in the financial statements.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
