BALANCE SHEET

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..... BALANCE SHEET
Query (Issue) Started By: - SUBRAMANIAM MEENAKSHI SUNDARAM Dated:- 29-3-2016 Last Reply Date:- 31-3-2016 VAT + CST
Got 3 Replies
VAT / Sales Tax
I AM A CONSIGNMENT AGENT FOR A COMPANY, IN WHICH I AM GETTING ONLY THE COMMISSION FROM MY BRANCHES SALES, (NOT A HUGE AMOUNT) , PLEASE ADVISE I HAVE TO SUBMITT MY BALANCE SHEET TO SALES TAX DEPARTMENT OR ONLY TO INCOME TAX DE .....

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..... PARTMENT, IF THE ANSWER IS YES, IN THAT BALANCE SHEET I HAVE TO SHOW ONLY MY INCOME OR INCOME AND MY SALES TURNOVER ( AS THE TURN OVER WILL BE IN CRORES BUT THE COMMISSION WILL BE IN THOUSANDS ONLY) PLEASE ADVISE, I AM REGULARLY FILLING MY VAT RETURNS AND PAYING ALL THE TAXES PROMPTLY, AND FOR THE PAST TWO YEARS I AM SUBMITTING TAX AUDIT REPORT ALSO, BUT I HAVE NOT SUBMITTED MY BALANCE SHEET, PLE .....

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..... ASE ADVISE WHAT CAN BE DONE, IN RECENT DAYS DUE TO DRAUGHT THE SALES IS COMING DOWN AND THE SALES TAX DEPT IS ASKING FOR ADV TAX Reply By Ganeshan Kalyani: The Reply: Sir, Income tax department would ask for your personal income details for which they would ask your Balance Sheet, in which you would have disclosed only the commission income earned by you from the sales done as a consignment agen .....

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..... t. This will have to be submitted to Income tax department. Secondly, the sales tax department who is having jurisdiction to your business location would ask for trail balance of your business location. This is because they have to audit the location sales transaction only. In fact the company to which you are associated to as a consignment agent would have added your location as additional place .....

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..... of business and would also be filing VAT return and Vat Audit Report. Please check this at your end, because you have mentioned in your query that you are filing VAT return and Vat Audit report. If your principal dealer is filing return by including the sales of your location then you separately should not file VAT return. Thanks. Reply By MUKUND THAKKAR: The Reply: Nicely explain by Ganeshan .....

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..... Kalyani sir,,, Reply By KASTURI SETHI: The Reply: Sh.Ganeshan Kalyani Ji, Topmost reply indeed. Enriched my knowledge also, having no commerce background. Thanks Sir.
Discussion Forum - Knowledge Sharing .....

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