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.
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