Treatment of Sales Return
This query is : Resolved
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
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
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.
In UP VAT u can consult other Experts.
In income tax it will be same as my Account opinion.
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
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
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
