Set off on items appearin in P&L a/c
This query is : Resolved
17 May 2008
Whether set off is available on following items
The items are debited to profit & loss a/c
1) Staff Welfare
2) Maintenacnce of Office Equipments
3) Office Maintenance
4) Printing & Stationery
The above items and similar expenses head may exists in p&l a/c which are not directly related to sale of products.
Whether set off will be available on these items?
The items are debited to profit & loss a/c
1) Staff Welfare
2) Maintenacnce of Office Equipments
3) Office Maintenance
4) Printing & Stationery
The above items and similar expenses head may exists in p&l a/c which are not directly related to sale of products.
Whether set off will be available on these items?
17 May 2008
The statement which depicts financial performance includes "Trading A/c" and "Profit & Loss A/c".
Trading account relates to the direct expenses and incomes attributable to the trade carried on by the person.
Profit and Loss account contains all other items which are not directly attributable rather indirectly attributable to the business of person.
Since,
-Staff welfare
-Maintenance of Office Equipments
-Office Maintenance
-Printing and Stationary
all are indirectly related to the business they will be debited to the p&l a/c.
Trading account relates to the direct expenses and incomes attributable to the trade carried on by the person.
Profit and Loss account contains all other items which are not directly attributable rather indirectly attributable to the business of person.
Since,
-Staff welfare
-Maintenance of Office Equipments
-Office Maintenance
-Printing and Stationary
all are indirectly related to the business they will be debited to the p&l a/c.
18 May 2008
Set-off against what, is contemplated?
18 May 2008
whether vat set off on above items can be claimed against sales tax liability? The items are supported with tax invoices and are proper in other respects. The only issue is can the benefit of set off can be taken even when these items are directly not related to production and sale of goods? (Provisions as per Maharashtra Value Added tax)
19 May 2008
The onus to decide the allowance of set off lies in the hands of the STO. However he may disagree with you since the expenses are not directly related to your trade.
20 May 2008
Dear Mihir
in case of Maharashtra VAT u can claim the input tax set off in respect of expenses debited to profit & loss account.however the negative list (i.e items on which the set off is not available) & items on which set off is available after reduction in it are given under rule 53 & 54 of Maharashtra Value Added Tax Rules.
in case of Maharashtra VAT u can claim the input tax set off in respect of expenses debited to profit & loss account.however the negative list (i.e items on which the set off is not available) & items on which set off is available after reduction in it are given under rule 53 & 54 of Maharashtra Value Added Tax Rules.
19 September 2008
In Assam ITC on purchases of consumables and for items of P.L. Account no ITC available.
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
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- EXPORT COMMERCIAL INVOICE HSN CODE
- ITR 4 and Bank transactions
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
