Monthly profit and loss

You have to listen video lesson about stock accounts through this portal. It will be easy for understanding

Dear member,

Closing stock of finished goods is valued on cost or nrv whichever is lower as per AS-2. So, in my view irrespective period of closing of books of accounts stock is valued at COST or NRV whichever is lower .

Steps for Filing VAT Returns Online:

Listed below are all the steps that go into VAT return e-filing:

• Step 1:

  Login to the online portal of the Directorate of Commercial Taxes for your respective state. Since VAT comes under the prerogative of state governments, hence different states have different VAT e-filing portals.

• Step 2:

  If it is the first time you are entering the website, you will be prompted for password change which you should certainly do.

• Step 3:

  Download the PDF version of Form 14D which is the VAT return filing form. The form is generally available in zipped form across all state websites.

• Step 4:

  After the download is complete, the form and all the downloaded annexures need to be filled duly with data pertaining to your VAT receipts and other relevant details.

• Step 5:

  Create X M L file out of the filled forms by using the downloaded software from the Directorate of Commercial Taxes online portal.

• Step 6:

  Upload the generated X M L file as well as the duly filled annexures.

• Step 7:

  At this points, all upload could be correct and the process could be over or there could be errors which the server will prompt and ask you to rectify.

• Step 8:

  Once the forms have been submitted successfully, an acknowledgement receipt will be generated. You can download or print this receipt to keep as reference for e-filing of VAT.