Vat on fixed asset
Querist : Anonymous
Will any one please tell me in which act does it mention the same .
or am i Liable to pay tax along with interest.
You must first tell that whether you are a registered dealer under UP VAT Act or not? Then you must tell that the sale of car is in the name of the firm. Also whether the sale of car (turnover) is reported in the monthly return? Please reply so as to proceed further.
Querist : Anonymous
I have a proprietorship firm in which proprietor owns a car on his name only.
No it is not reported in the monthly return.
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