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Vat refund

Final 591 views 3 replies
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CA Final (New Course)
211 Points Joined June 2009
I HAVE ONE DOUBT, VAT REFUND SHOULD BE CONSIDERED AS OUR INCOME DURING THE FINANCIAL YEAR OR IT SHOULD BE TREATED AS A CLAIM FROM GOVERNMENT & COME UNDER THE HEAD LOANS & ADVANCES? WITH REFERENCE PLZ MENTIONED URGENT
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On 23 July 2013 at 18:10 Report
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Executive Finance
181 Points Joined June 2011

Refund of VAT is chargeable in the hands of the assessee in the year of receipt uner the head PGBP

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On 23 July 2013 at 21:22
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CA Final (New Course)
211 Points Joined June 2009
IT MEANS, IT SHOULD BE TREATED AS OUR INCOME
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On 24 July 2013 at 16:10
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CA Final (New Course)
211 Points Joined June 2009
INCOME TAX @ 305 WILL APPLICABLE ON THE VAT REFUND WHICH WE CLAIMED OR RECEIVED
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On 24 July 2013 at 16:12

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