banner_ad

Itr 5 vat in itr software utility

This query is : Resolved 
Profile Image

Profile Image

(Querist)
22 August 2012 The profit and loss tab in the form, requires the input and output vat figures, and the vat payable to government.

we are making 5% purchase and 2% sale, as per the format given, 3% is added in the income, what is the remedy for this, in the absence of any column for vat refund?
Profile Image

CA VISHNU GAVKARE

Profile Image

CA VISHNU GAVKARE (Expert)
23 August 2012 Dear Ratnmani,
remaining VAT of 3% is not your Income its just a refund of tax paid to person from whom you purchased Software. If you debit entire 5% and credit 2% to profit and loss account then you have to take balance as Income otherwise it need not to be taken as Income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
01 May 2026
Chartered Accountant

Agrawal Jain & Co.

Raipur

CA

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
28 April 2026
Senior Accounts Professional

Vivek S Gupta & Associates

New Delhi

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
ARTICLESHIP 30 April 2026
Article Assistant

J SINGH & ASSOCIATES

Ahmedabad

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details