Method of accounting & provisons of the income tax act,1961
This query is : Resolved
Shanth Raj B
(Querist)
02 August 2013
Sir/Madam,
A Sale is made during FY 2011-12 and the said sale is returned in FY 2012-13.
What is the accounting treatment to be made in line with provisions of The Income Tax Act, 1961?
Please provide case laws, if any.
Thank you,
A Sale is made during FY 2011-12 and the said sale is returned in FY 2012-13.
What is the accounting treatment to be made in line with provisions of The Income Tax Act, 1961?
Please provide case laws, if any.
Thank you,
CMA Ramesh Krishnan
(Expert)
22 August 2013
Under Income tax provision, Sales return is allowed, only VAT provision if it is with in 6 months from the sale of goods allowed
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