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
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 +)
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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