A PRIVATE LIMITED COMPANY PURCHASED CERTAIN GOODS ON 8/4/2010.THE SUPPLIER OF THE SAID GOODS BOOKED HIS SALES ON 31/3/2010 SINCE THAT WAS THE DATE WHEN THE GOODS WERE DISPATCHED FROM HIS FACTORY.
- sales against form H, consists purchase by merchant exporter prior to export, and exporter has to issue form H after the export takes place, hence the buyer can not claim that he is unware of the actual sales date. in the process buyer had to issue CT-1, ARE-1/2/3 as the case applicable prior to the despatch.
THE SAID ACCOUNTS OF THE PRIVATE LIMITED COMPANY HAS BEEN TAX AUDITED AND THE REQUISITE PROCEDURES PERTAINING TO COMPANIES ACT I.E FILING OF ANNUAL RETURN,ACCOUNTS ETC HAVE BEEN COMPLETED.
- Buyer had enough time to show the goods in transit for last purchase made in march, but he ignored the things, it should be stock in transit if not reached in the hands of buyer till 31-03-2010. 5/6 months time is given for tax audit purpose to account such incurred but not taken place expenses / transactions.
- for tax audit purpose company has to account all expenses incurred in march but not paid, and for that he has to wait for actual bills to reach in hand at later dates, viz electric charges, telephone etc.
THE SAID COMPANY HAS NOW RECEIVED A REQUEST FROM ITS SUPPLIER FOR ISSUE OF "H" FORM FOR THE LAST QUARTER I.E FROM 1/1/2010-31/3/2010.HOWEVER THE PRIVATE LIMITED COMPANY CONTENDS THAT IT HAS BOOKED PURCHASES IN THE NEXT YEAR AND HENCE CANNOT ISSUE "H FORM" FOR THE LAST QUARTER BUT CAN ISSUE IT IN THE FIRST QUARTER FOR THE SAID GOODS.
- as the exports has taken place in later year, i.e in june 10 quarter, buyer can issue forms in june 10 under consultation of his STO at vat office. on the plea that unless the export takes place form H issue is irrelevant as it contains bill of lading and export documents which are dated later than 31-03-2010.
WHAT ARE THE OPTIONS AVAILABLE TO THE PVT LTD COMPANY KEEPING IN MIND INCOME TAX ACT,COMPANIES ACT AND MAHARASHTRA SALES TAX ACT.
- issue form H on the bills but with their dates unchanged i.e march , but export dates in later quarter, showing the goods in transit for the time which is natural.
PL GIVE SPECIFIC REFERENCE TO COMPANIES ACT AND INCOME TAX ACT REGARDING REVISING OF RETURNS WHICH WILL BE A COMPLICATED AFFAIR.
IS THERE ANY WAY TO AVOID REVISING OF RETURNS???
PL DO LET ME KNOW AT THE EARLIEST.