VAT AND VALUTION OF STOCK
This query is : Resolved
CA. PIYUSH KAPOOR
(Querist)
23 August 2007
As per AS 2 stock will be valued on purchase cost excluding VAT but AS per Sect 145A of income tax act 1961 valution of stock will be inclusive of all taxes cess etc.
In the current position in audit report what value of stock will be show exclusive of VAT or Inclusive of VAT.
In the current position in audit report what value of stock will be show exclusive of VAT or Inclusive of VAT.
CA. PIYUSH KAPOOR
(Querist)
23 August 2007
VALUTION OF STOCK VS VAT
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