Basic-6588
Payment discount 5%- 329.4
Value before tax-6258. 6
Tax @ 18%-1126.54
Cost of Stock as per income tax &GST?
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Cost of stock
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Quick Summary
Cost of stock as per income tax is not computed.
generally every month companies give stock ststem
generally every month companies give stock ststem
But what is query reply ?
Cost of stock as per query ?
Cost of stock as per query ?
As per ICDS amount of tax shall be included in the value of stock irrespective of input tax credit available. - For income tax act. Provided it is included in closing stock .
For GST cost is not calculated separately, amount which is shown in the books of accounts is value of cost .
For GST cost is not calculated separately, amount which is shown in the books of accounts is value of cost .
Follow accounting standard 2...
Please attend and reply, cost of stock as per given example. RS._______. Or may leave post if no answer.
why refer to AS2, first reply 😇
why refer to AS2, first reply 😇
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