Stock transfer price variation
This query is : Resolved
09 August 2016
Dear Experts,
Thanks in Advance,
One of My Client's Head Office is in Mumbai(1st Point of Sale). They Have transferred the goods to Chennai Branch office. Stock Transfer value is about (Example)Rs. 1,00,000. Chennai Branch Issue Form F for Rs.1,00,000. But they have sale the goods for 80,000 due to discount issued to the customer. Now chennai office consultant said that we have to pay tax for the difference amount of Rs.20,000/- because we got Form F for 1,00,000/-. the Discount amount will consider evasion of Tax. Was it Correct . Kindly Advice.
Thanks in Advance,
One of My Client's Head Office is in Mumbai(1st Point of Sale). They Have transferred the goods to Chennai Branch office. Stock Transfer value is about (Example)Rs. 1,00,000. Chennai Branch Issue Form F for Rs.1,00,000. But they have sale the goods for 80,000 due to discount issued to the customer. Now chennai office consultant said that we have to pay tax for the difference amount of Rs.20,000/- because we got Form F for 1,00,000/-. the Discount amount will consider evasion of Tax. Was it Correct . Kindly Advice.
10 August 2016
By principle, it is NOT correct. The consultant might have told you keeping eye on practical aspect.
10 August 2016
sorry sir i didn't understand...
10 August 2016
what your friend told is not correct in PRINCIPLE.
But in our country, law may differ from practice.....
But in our country, law may differ from practice.....
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