VAT Queries
This query is : Resolved
03 July 2011
can we take the input credit of VAT on purchase of fixed assets or expenses. ( expecting explanation to understand the basic )
And what is the treatment, if there is any difference found in VAT return and books, while continuance of TAX audit. Shall it be reported in 3 CB or there is any other rectification entries to be passed in the books, to reconcile.
And what is the treatment, if there is any difference found in VAT return and books, while continuance of TAX audit. Shall it be reported in 3 CB or there is any other rectification entries to be passed in the books, to reconcile.
03 July 2011
First find out where is the difference and on what account the difference is generated. If it can be rectified. Request your client to get it rectified.
After rectification which ever return either Income Tax Or VAT return is required to be revised if it relates to previous year or otherwise get the VAT Return correctly filed. Kindly note that due to rectification income is not affected.
If the client is not ready to rectify then report both in 3 CD as well as VAT audit report as the firm is covered by Tax Audit.
After rectification which ever return either Income Tax Or VAT return is required to be revised if it relates to previous year or otherwise get the VAT Return correctly filed. Kindly note that due to rectification income is not affected.
If the client is not ready to rectify then report both in 3 CD as well as VAT audit report as the firm is covered by Tax Audit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Intimation under section 245
- Capital gains in IT returns
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Urd purchase entry in tally prime
- TDS- 2026-27 Q1 Correction
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
