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Valuation of Purchase & Sales under Income Tax Act

This query is : Resolved 
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(Querist)
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.
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Sanjay Soni

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Sanjay Soni (Expert)
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
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s zafarulla khan

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s zafarulla khan (Expert)
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.
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Aijaz Shaikh

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Aijaz Shaikh (Querist)
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
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Aijaz Shaikh

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Aijaz Shaikh (Querist)
18 May 2009 .
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