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
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