Setoff Provision under MVAT
This query is : Resolved
CA Ankit Zaveri
(Querist)
28 November 2009
I would like to know the nature of expenses of which we can take setoff against our MVAT liabilities.
Can anyone mail me the concern provision in MVAT Act. at ankit@vinergy.in
Can anyone mail me the concern provision in MVAT Act. at ankit@vinergy.in
Amol Suresh Sinkar
(Expert)
01 December 2009
Please refer to Rule 53 for reduction in set-off & Rule 54 non admisibility of Set-off as per Mahrashtra Vat Act.
Any expenses debited to Profit & Loss A/c. will liable for set-off except Repairs to Building & Repairs to Vechile.
Any expenses debited to Profit & Loss A/c. will liable for set-off except Repairs to Building & Repairs to Vechile.
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