Vat not paid

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2012 vat not paid before filing income tax return what is the treatment of it in b/s p&l and in income tax return

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
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24 September 2012 Vat liability would be already existing in the books. These would be shown appropriately under the current liabilities - Governmet dues.

Provision for interest payable on VAT dues needs to be made in books of accounts. This will affct P&L (Expenses +) and Balance Sheet (Liabilities +)

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