Vat paid for previous years

This query is : Resolved

Shwetha Lakshmynarayanan (Querist)
Follow

27 September 2013 VAT liability arose after VAT Audit of my client for FY 2011-12. The expense is shown under P&L of FY 2012-13. Is this expense allowable under the Income TAx Act, 1961.

Arun Biyani

Arun Biyani (Expert)
Follow

30 September 2013 VAT liability is not expenses.. its balance sheet item.. how did you show it in P&L.. it should be shown in Balance sheet..further VAT is not payable by you.. you have to collect it from respective customer and then pay it..

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now