vat deduction
This query is : Resolved
Guest
Guest
(Querist)
24 December 2010
Does vat paid qualifies for deduction in income tax?, if yes how much amount. Whether payment is necessary to claim deduction??
HUZAIFA HUSSAIN
(Expert)
24 December 2010
Yes, VAT paid is deductible expenses. However, if provision is made for payment of VAT than the same shall be paid within the time as prescribed under VAT Act. IF not paid VAT is disallowed and added to income.
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Hitender Gaur
(Expert)
25 December 2010
All dueties and taxes are deductable expenses. So, VAT is also qualifies for deduction in income tax. I am agree with Hussain.
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