9911796707
TMI Blogaccounting of service tax refundableX X X X Extracts X X X X X X X X Extracts X X X X ..... The company is an exporter and being an exporter Service tax, VAT etc are refundable to it. The company shows Service Tax / VAT refundable under current assets. The company has not received major port ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of its refunds and huge amount has accumulated under the head service Tax / VAT refundable. Now the company wants to change the accounting ST / VAT. It will debit the expenses including service t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax to its PL A/c. On receipt of refund the amount will be credited to income. Is it an allowable accounting policy? Can a company debit to PL A/c its refundable Service Tax / VAT to PL A/c and credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to PL A/c on receipt of refund. Pls. reply. - Reply By CA GOPALJI AGRAWAL - The Reply = No, it would violate the principles of accrual. - Reply By Ramesh Kothari - The Reply = in opinion no be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cause its current assets of the co. hence u can not charge it to P L account if do so it will be disallowed by IT Refund from the dept is different issue. You must hv to show in current assets column ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ramesh Kothari - accounting of service tax refundable - Query Started By: - ANAND GUPTA Dated:- 8-6-2014 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
