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Treatment of Sales Return

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(Querist)
21 July 2010 Please provide your opinion on the following matter with documents:

Query: If a sales return has come after closure of books, What will be
the treatment of this sales return under:
(a) Accounts (Companies Act)
(b) Sales Tax (UP VAT) and
(c) Income Tax
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Akhil Agrawal

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Akhil Agrawal (Expert)
21 July 2010 In Accounts Just credit the debtors after debiting the Sales Return. SR wil be shown as deduction in the Sales.

In UP VAT u can consult other Experts.

In income tax it will be same as my Account opinion.
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CA.RAJIV SHUKLA FCA

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CA.RAJIV SHUKLA FCA (Expert)
31 July 2010 Dear Sunil,
For Accounts
Sales Return to be adjsuted with total Sales before finalisation of the books by CA.If after the BS regared as PRior period adjsutment.

For Sales tax matter
UP Vat also be reversed by the amount booked and incorporated with Annual return to be filed in Nov 30th in UP

For Income Tax
Sales Return regarded as Returned and Prrof of the Invoices to be submitted at the time of assessment if required
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