Form 3cd
This query is : Resolved
24 August 2011
As per point no. 12(b) of Form 3CD how we can compute change in P&L due to MODVAT AND VAT
is there any specific format for this
what is the logic behind this computation
is there any specific format for this
what is the logic behind this computation
26 August 2011
Section 145A of the IT Act gives your answer and the reads as under
Section 145A. METHOD OF ACCOUNTING IN CERTAIN CASES.
Notwithstanding anything to the contrary contained in section 145, the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "Profits and gains of business or profession" shall be - (a) In accordance with the method of accounting regularly employed by the assessee; and
(b) Further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation.
Explanation : For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising as a consequence to such payment.
Section 145A. METHOD OF ACCOUNTING IN CERTAIN CASES.
Notwithstanding anything to the contrary contained in section 145, the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "Profits and gains of business or profession" shall be - (a) In accordance with the method of accounting regularly employed by the assessee; and
(b) Further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation.
Explanation : For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising as a consequence to such payment.
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