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Disallowed expense
I charged a VAT expense to Operating Expense on the income statement. Tax authority detected that and disallowed it. How do I correct that in the financial statement for the next year? Kindly help
Replies (3)
you have to show disallowed amount as increase in profit. if tax authority didn't calculate tax on above amount then you also need to pay tax on above.
There is no need to adjust such expense in financial statements.
Yes it's not required to adjust in Financial statements
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