Valuation of Purchase & Sales under Income Tax Act
This query is : Resolved
26 March 2009
Section 145A
Assessee is engaged in the business of jewellery.
Whehter assesee can debit VAT paid on purchase to Duties and Taxes under the head current liabilities.
Whether it is mandatory to include the VAT Paid on purchase in the purchase account.
Assessee is engaged in the business of jewellery.
Whehter assesee can debit VAT paid on purchase to Duties and Taxes under the head current liabilities.
Whether it is mandatory to include the VAT Paid on purchase in the purchase account.
26 March 2009
VAT paid on purchase will be debited to input credit account under current assets and this account will be adjusted with VAT liability on sales of finished product
26 March 2009
yes it must be brought under the Duties and Taxes.
And VAT paid on purchased must be shown in separate VAT ACCOUNT and not to be include in Trading Account or in purchase Account.
And VAT paid on purchased must be shown in separate VAT ACCOUNT and not to be include in Trading Account or in purchase Account.
28 March 2009
Section 145A of the Income Tax Act says that the tax paid on purchase to be included in the purchase account, then how it possible to debit the said amount to duties and taxes
18 May 2009
.
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Reporting of STCG on Property in ITR
- ITR-4 vs ITR 5
- 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
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
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
