Vat refund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 February 2013
If suppose the Net Profit of Company/Firm is Rs.10,00,000/- (Rs.Ten Lacs) & the VAT refund amount is Rs.5,00,000/- (Rs.Five Lacs) then on which amount the Income Tax should be calculated ?
The VAT refund amount is shown in the Balance Sheet (Assets).
Is the VAT refund amount income for the Company or Firm as per the Income Tax Act ?
The VAT refund amount is shown in the Balance Sheet (Assets).
Is the VAT refund amount income for the Company or Firm as per the Income Tax Act ?
CA PARAS BAFNA
(Expert)
14 February 2013
VAT REFUND if meant by the amount standing as Receivable under the VAT A/c then you have to pay tax on the amount of Net Profit as being shown in P&L A/c. However, care must be taken of Section 145A.
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