Vat refundable
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2015
If some one claim that he has vat refundable for a financial year. Then in this case income tax is applicable on vat refundable or have we to include it for income tax calculation when we get refund.
17 April 2015
since vat paid is allowed as deduction while computing business income then vat refund when recieved will be taxable as business income only.
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