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.
Anupam Parashar & Co.
Ghaziabad
CA Final
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Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
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CCI
Pro
CAclubindia
