2)As per sec 145A of the Income Tax Act,1961 value of VAT needs to be included in
closing stock. Correct or incorrect?
2)As per sec 145A of the Income Tax Act,1961 value of VAT needs to be included in
closing stock. Correct or incorrect?
However as per ICDS II,now it is mandatory to include the same just for reporting purpose in 3CD.The same would increase the income and taxes are to be paid accordingly.However if you still deviate the standard,a note must be provided for such deviation.
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