VAT TAX PAID UNDER COMPOSITION SCHEME
This query is : Resolved
18 January 2010
Hi,
In case Assesses paid VAT tax under composition scheme, Is he eligible to claim deduction under income tax act for computation of taxable income?
In case Assesses paid VAT tax under composition scheme, Is he eligible to claim deduction under income tax act for computation of taxable income?
18 January 2010
In case you are recording your sale and purchase inclusive of tax then you can claim deduction of tax paid under IT Act.
Regards,
Regards,
19 January 2010
In case of Composition Scheme sale and purchase is recorded iclusive of tax only. Right?
One more thing in which Category it will fall under Profit & Loss A/c?
One more thing in which Category it will fall under Profit & Loss A/c?
19 January 2010
Yes.
It will fall under indirect expenses and account head shall be VAT Tax Paid A/c.
Regards
It will fall under indirect expenses and account head shall be VAT Tax Paid A/c.
Regards
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
- Supply through E-commerce Operators
- STCG....................................................
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- TAN for Partnership
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- E way bill for tractors
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
