ITR 5:- presentation of sales & taxes
This query is : Resolved
CA Manish Thakare
(Querist)
30 August 2007
As per Guidance Note on Accounting for State-level Value Added Tax issued by the Institute of Chartered Accountants of India, assessees are advised to disclose purchases and sales are Net of VAT. Accordingly the books of account are maintained and (finalized) the annual accounts as per entries and manner prescribed in the Guidance Note on VAT. As per entries recommended in the Guidance Note, the VAT paid on purchases has been adjusted against VAT collected on sales and no entries relating to VAT on purchase and sales are reflected in the profit and loss account
of the entity. Now, in the new ITR returns forms the assessees are required to disclose the VAT received or receivable on goods sold, VAT paid or payable on goods purchased and VAT paid or payable to Government separately.(Refer Clause No.2c, 8f & 34c in ITR 4). When the books of account are maintained in conformity with VAT Guidance Note, it is difficult to capture the above information on the basis of trial balance given by the assessee. What is the remedy available to us?
of the entity. Now, in the new ITR returns forms the assessees are required to disclose the VAT received or receivable on goods sold, VAT paid or payable on goods purchased and VAT paid or payable to Government separately.(Refer Clause No.2c, 8f & 34c in ITR 4). When the books of account are maintained in conformity with VAT Guidance Note, it is difficult to capture the above information on the basis of trial balance given by the assessee. What is the remedy available to us?
24 September 2008
Take the Input Vat and output VAT account from the assessee and adjust the sale and purchase accordingly.
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- ETDS return q4 25-26
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
