Treatment of accumulated vat of prior years
This query is : Resolved
15 July 2016
hello
In Prior years we did not include Vat part in purchase, but we shown it in Balance sheet as vat refundable(assumping dat vat will be refundable)
but in current year , after discussion with sales tax office, we came to know that vat is not refundable.
so now what is treatment of 'Vat refundable' in income tax?
15 July 2016
You need to take the call looking into various factors.
01. You can revise your earlier returns, if the stake is high OR
02. debit Capital account Credit the VAT refundable
01. You can revise your earlier returns, if the stake is high OR
02. debit Capital account Credit the VAT refundable
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