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
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
CAclubindia
