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SMALL BUSINESS NOT UNDER AUDITS

This query is : Resolved 
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(Querist)
24 December 2016 Small business not under audit. Not having TIN number also purchases are fully exempted can avail purchase as their expence in Profit and Loss Account
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Tej Maheshwari

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Tej Maheshwari (Expert)
24 December 2016 Yes, The purchase can be shown in P&L account.but it should not more than by the Vat act.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
25 December 2016 Purchased to be treated as expenses to be charged in profit and loss account.
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GANESH DATTATRAYA JOSHI

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GANESH DATTATRAYA JOSHI (Querist)
26 December 2016 Thanks Both of you, Let me add as per Vat what is a limit for purchases in one year. Like sales if turnover is more than 5 lack it is mandatory to take TIN No. Like wise
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
27 December 2016 Each state specified limit for tin registration which varies from state to state.
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