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Vat refund
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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Refund of VAT is chargeable in the hands of the assessee in the year of receipt uner the head PGBP
IT MEANS, IT SHOULD BE TREATED AS OUR INCOME
INCOME TAX @ 305 WILL APPLICABLE ON THE VAT REFUND WHICH WE CLAIMED OR RECEIVED
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