Dear sir,
in the month of Feb 2010 we have sold some material as inter state sales and accordingly filled my monthly Vat Returns.
But in the next financial year i.e in the month of april 2010 buyer returned the goods through challan.
so any one can tell me how the ( sales return) be adjusted in which tax period i.e Feb 2010 , March 2010 or April 2010.
in other words should i revised my feb month return or i can directly adjust it in april month.
Vishnu
Manager accounts
Dear Vishnu,
As we are assessed on financial year basis, and 'C' forms are required to be submitted on quarterly basis unless we claim sales return in the year of sale, we will be taxed for the same and have to pay addittional taxes. whereas in case we claim sales return in the month of March, as we can claim the same upto 'six months' of sale, we will be entitled to refund of taxes paid on sales.
How ever as the Revised Return will cause decline in taxes payable, as per DVAT ACT, in such an eventuality for filling a revised return, one will have to file an objection under section 74 of the DVAT ACT, and in case the tax involved is not much, one should though file a revised return, but shall not claim refund of excess taxes paid.
Devinder Jain, Vat Consultant, Delhi
9810272568
u need not revise the return. u can disclose and report the sales return in the month in the return for the month in which the return of sales took place.
The opinion of Ratheen Baxi is though correct, but will cause the financil losses, and we should resort to the method which is most ecnomical as well as legally correct. So please see that my above stated opinion is correct.
Devinder Jain
Pls help me, how to down load DVAT 07 in Excel Format & how to file.
its very urgent.
Regards
Prabhakar Singh
CAclubindia
