HELP

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CA Vishal kapoor

Partner

237 Points Posted on 04 September 2009

hi,

My question is that a firm is not paid his VAT Liability as well as Returns of last 2 quarters for PY 2008-09. Now VAT A/c shows a cr balance of RS 34.5 Lac.. The Partnership firm Shows a net profit of rs 14 lac before the following adjustment..(i.e purchase a/c & sale a/c does not include VAT amount) . Question Is Will the VAt Liability increase my Net Profit or Not. . As per sec 145 A excise & vat will include in both sale & purchase , after doing dis my profit goes to 48.5 lac.. plz suggest me..

Thanks in Advance..

Replies (3)

shreyas

Student

37 Points Posted on 05 September 2009

As per ur question tax VAT a/c is showing cr. balance since last 2 years of Rs.34.5 lacs. According to Sect. 145A, sales and purchase a/c should be grossly booked(i.e. only that portion of vat should be added in sales .ad purchase that pertains to current year, previous year vat should not be considered).

Also since u hve not made the payment of Vat and not file the returns, u will be penalised for the same contravention as per the prescribed provisions.

CA Vishal kapoor

Partner

237 Points Posted on 05 September 2009

Hi Shreyas,

Vat is not piad 4 d last 2 quarters not years..That means Vat of current year should be added in purchase and sale..What About Closing Stock?

anyway thanks 4 ur reply..

Hans Raj Sharma

Accounts Officer

24 Points Posted on 25 September 2009

Dear SIr,

w.e.f. 01-10-2009 TDS rate will be NIL for the transporters if he quotes PAN No.My query is that the transporters have lots of individuals. Transportes give their PAN on GR(Docket).What kind of document we have to required from transporters? Can we will take take PAN card photocopy from individuals who have registered their vehicle in any transporter union.Please suggest.

Regards

Hans Raj Sharma

Accounts Officer