Income tax profit and loss

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B.Com
134 Points Posted on 16 November 2021
sir composition delear sales in profit and loss account, we have take including tax or exclusive tax.
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On 16 November 2021 at 23:40 Report
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Quick Summary
This discussion clarifies how to handle tax within a profit and loss account, particularly for composition dealers. The consensus is that sales should be recorded exclusive of tax, while purchases, being a direct cost, should be inclusive of tax as it's often non-recoverable.

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299 Points Posted on 17 November 2021
Exclusive of tax
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On 17 November 2021 at 00:59
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Chartered Accountant
24588 Points Posted on 17 November 2021
Exclusive
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On 17 November 2021 at 06:03
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B.Com
134 Points Posted on 17 November 2021
Purchase
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On 17 November 2021 at 08:03
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299 Points Posted on 17 November 2021
Purchasws also exclusive of Taxes
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On 17 November 2021 at 09:20
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SEO Sai Gr. Hosp.
212572 Points Posted on 17 November 2021

Being cost over purchase, should be inclusive. (being non recoverable directly)

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On 17 November 2021 at 10:21
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Chartered Accountant
24588 Points Posted on 21 November 2021
Thanks for the information
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On 21 November 2021 at 05:52

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