Gst in income tax returns

Others 157 views 3 replies

ACCOUNTANT

89 Points Joined February 2010

Dear sir/mam,

While preparing a profit and loss account, will sales and purchases include GST or not? if paid under composition scheme, Can we claim "Paid GST " in income tax returns as an expense? if yes then what will be accounting entry pass ? pls. suggest.

Replies (3)

CA qualified

389 Points Joined November 2012

irrespective of the accounting entry, taxes paid can be claimed as an expense. In books, you can expense it off in P&L

ACCOUNTANT

89 Points Joined February 2010

THANKS ALOK KUMAR,

CAN WE SHOWN IN B/S(CAPITALISED) INSTEAD OF P/L?

ACCOUNTANT

89 Points Joined February 2010

SORRY Ashok Kumar

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