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VAt Tax

This query is : Resolved 
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29 May 2010 A dealer who comes under VAT system does not collect Sales tax from his customers. However he pays every month Balance VAT tax on output after adjusting input tax.In this case whether the Input tax paid and the monthly sales tax paid can be claimed as expenses in profit and loss account and whether the same is allowable expenditure under Income tax Act.
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MK GUPTA (Chartered Accountant

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MK GUPTA (Chartered Accountant (Expert)
30 May 2010 Dear

Vat involved in the purchase invoice is automatically adjusted against the the Vat liability, so need not to be claimed.

However vat paid / deposited is allowable expense
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