THERE ARE TWO FIRMS SAY A & B BOTH HAVE THE SAME PROPERTIOR, A PURCHASES THE GOODS AND TRF IT TO B, B THEN SELLS THE GOODS HOW THIS WOULD BE RECORDED IN THE BOOKS OF ACCOUNTS IN CASE OF VAT AUDIT UNDER FOLLOWING SITUATION
1. CONSOLIDATED P& L AND B/S ARE PREPARED OF BOTH THE FIRMS
2. SEPERATE P&L AND B/S ARE PREPARED OF BOTH THE FIRMS
As Far as I know, most of the States do allot single TIN for all businesses of a single person. The facility of different TIN for different division/unit is permissible only for Companies.
In case of such companies, report (under VAT provisions) will be prepared & filed separately.
R P S K & Associates
Nashik
CA Inter
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Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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Triveni Turbine Limited
Bengaluru
CA
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CAclubindia
