Taxes in Expenses
This query is : Open
30 June 2010
If Vat & Service Tax are charges in Indirect Expenses suche as Printing Stationery,Repairs etc,Service tax charges in Maintanance,Repairs,Rents Etc.How should the Expenses Accounted.Whether setoff or Benefit can be taken.Please give some Logic.how should i account.
Muncipal Tax Paid what should be the account head.
Regards
Muncipal Tax Paid what should be the account head.
Regards
30 June 2010
If VAT credit is available, in place of debiting the same to expense account, debit to INPUT VAT Account, under current asset. Same with service tax, account head being "CENVAT CREDIT".
01 July 2010
Alternatively if you record all vatable expenses as purchase in purchase register first, and then pass journal entry on same date debiting expenses acc and crediting vat net acc.
You will also be able to file accurate sales tax return and also reconcile your input credit account and prepare proper details for VAT Audit at earliest.
You will also be able to file accurate sales tax return and also reconcile your input credit account and prepare proper details for VAT Audit at earliest.
01 July 2010
Municpal expenses should be debited to Muncipal expenses account or follow the system you followed last year
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
