Vat and income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2013
Can VAT paid claimed as expense in Income Tax Act? Also please give entries regarding VAT treatment.
02 January 2014
VAT payment is allowed as deduction u/s 37(1) subject to Section 43B, i.e., the VAT should be paid on or before the DUE date of filing the return.
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 January 2014
please also give entries regarding VAT
11 January 2014
1. At the time of purchase
Purchase A/c Dr
Input VAT Receivable
To Creditor
2. At the time of sale
Debtor A/c Dr
To Sales
To Output VAT Payable
3. Adjustment of VAT
Output VAT Payable
To Input VAT receivable
Purchase A/c Dr
Input VAT Receivable
To Creditor
2. At the time of sale
Debtor A/c Dr
To Sales
To Output VAT Payable
3. Adjustment of VAT
Output VAT Payable
To Input VAT receivable
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
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- REGARDING ITR FILING QUESTION
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- Missed TDS
- TDS refund Indemnity Bond
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- DUE DATE FOR ITR FILING
- U/S 194 T
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
