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VAT - Highlights / Catch Notes

Home Highlights August 2012 Year 2012 This

Regarding Tax rate wise details of closing stock as on 31st ...


Businesses Must Report Tax Rates on Closing Stock as of March 31 Under VAT and Sales Tax Rules.

August 18, 2012

Notifications     VAT and Sales Tax

Regarding Tax rate wise details of closing stock as on 31st March of every year - Notification

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  2. Valuation of closing stock - There is no any purchase by the assessee during the year, and the sale made by the assessee is out of opening stock only. In the closing...

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  5. Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

  6. Under valuation of closing stock of rice - improper maintenance of stock register by the assessee-firm - the method of valuation was adopted by the Ld. AO in closing...

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  8. Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

  9. Valuation of stock - Stock damaged due to Earthquake - Factory was closed for few years - There was no reason given by the AO as to why the income out of sale of goods...

  10. Valuation of closing stock - provisions of section 145A has overriding effect on the provisions of section 145 - the said provisions are applicable not only on closing...

  11. Reduction in tax liability - payment of tax at compounded rate - The assessee with open eyes applied under the scheme and obtained permission. There was no cause for any...

  12. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

  13. Addition on valuation of closing stock - excise duty on closing stock of its finished goods - exclusive VS inclusive method - although the method of valuation of stock...

  14. Undervaluation of stock - it is a revenue neutral issue because whatever addition is being made in the closing stock, it will be opening stock in the next year. If the...

  15. Disallowance of sales commission paid to two Associated Enterprises (AEs) being foreign entities - assessee failed to discharge the onus of proving legitimate business...

 

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