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VAT amt paid

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 March 2010 Dear Experts,
Please guide me for the treatment of VAT paid for the Fin. Year 2005-06. As per our clients books of account they had not shown any amount payable as a VAT for the Fin. Year 2005-06.
VAT is demanded by the sales Tax Office after assessment of sales tax return for the year 2005-06.
What effect should be given as the amount is not relevant to current Fin. Year and no out standing is shown as a amount payable for VAT for the Fin. Year 2005-06.

Wheather the same can be ajusted aganist the profit and loss appropriation account or should be should in Profit and loss account as previous period item. The amount is substantial.
Please guide me.
Thanking you,
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CA Shiv

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CA Shiv (Expert)
27 March 2010 You can Debit P&L account by any name it may be Vat exp or anything in books of account...

so can pay the VAT in P&L account and can claim such exp in current year as income was credited in 2005-06.
But in income tax it will be disallowed in this year.....
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