R5 Turnover of Purchases
This query is : Resolved
06 August 2009
Why we show our purchases including Tax in the purchase turnover ?
Why we show our purchases including Tax in the purchase turnover ?
06 August 2009
There is no good reason as to why the purchase TO is shown incl tax. Actually as a generic rule it can be said that tax element is not included in the TO of Purchases/ Sales
06 August 2009
But section 145A(b) of the Income tax Act,1961 says any tax/duty/cess shall be added to the purchase cost.
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