Vat paid is allowable under i.tax

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Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2012 Whether VAT paid is allowable under income tax from income. i.e My profit as per P & L A/c.is Rs. 400000 and i paid VAT on sales Rs. 25000. Can i show net profit 375000(400000-25000) in IT return and paid tax on Rs. 375000.

U S Sharma

U S Sharma (Expert)
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27 September 2012 vat paid is indirect expenses, and allowed under P/L account as expenditure, provided such amount is utilized within march 31st,

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2012 Vat paid after March but before due date of return than vat paid is allowed under income tax in return.

U S Sharma

U S Sharma (Expert)
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27 September 2012 make liabiliy of such vat due, and it would be allowed.

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