I have more purchase return than purchases in FY 23-24 resulting in negative purchases. How do I show the same in P&L statement of ITR as it is not allowing to file negative figure.
Please suggest.
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Excess purchase return reporting in ITR
Replies (2)
In the ITR(Income tax return), report the correct figures in the relevant schedules:
1.Schedule Cl: Show the correct purchases and sales figures.
2Schedule COGS; Reflect the adjusted cost of goods sold.
3.Schedule PL: Ensure the net profit or loss is accurately reflected.
Sir, we are a trading firm.
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