instead of claiming refund of MVAT ,can we treate it as expenses for the next yr?
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Refund of MVAT treated as expenses
Replies (6)
No you can not treat it an expense of next year
why can you give proper reason?Because in the opg balancesheet co has has shown 6 lacs refund but in current yr it is wriiten off?
Please tell me the reason as to why it cant be shown as expenses if it client is not going to claim refund?
If the refund is due then no matter you want to claim or not but if the entry is fake then its a prior period item and can not be written off as expense.
i agree with mr dasrath
ya but indirectly we are claiming it as expenses in the form of prior period item na.So can it be done?
yup it can b taken as a exp
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