Income tax section 43b
This query is : Resolved
05 September 2013
Dear Experts,
Kindly Suggest .
opening Stock :40(NO tax included)
Purchases - 100(NO tax included)
Sales:90(No tax)
Closing stock: 70(NO tax)
PROFIT : 20
VAT liablity : 20 - unpaid
While Calculating Tax
should i disallow VAT liablity of 20?
Please give a brief on it , if possible provide for case laws.
Thanks and regards
Kindly Suggest .
opening Stock :40(NO tax included)
Purchases - 100(NO tax included)
Sales:90(No tax)
Closing stock: 70(NO tax)
PROFIT : 20
VAT liablity : 20 - unpaid
While Calculating Tax
should i disallow VAT liablity of 20?
Please give a brief on it , if possible provide for case laws.
Thanks and regards
05 September 2013
Vat payable shall be allowed as expense.
05 September 2013
Can u please explain in detail, VAT is my liablity right?
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