Vat & Service tax

ANAND SHARMA (Querist) 17 January 2011 This query is : Open
XYZ CO. MADE PURCHASES AGAINST C FORMS AMOUNT OF RS.10,00,000/- AND THEREAFTER ISSUED C FORMS TO THE SAME AMOUNT FROM THE DEPARTMENT AND IN THE END OF THE YEAR HE GOT TURNOVER DISCOUNT, WHILE MAKING THEIR BALANCE SHEET, CO. SHOWS THEIR PURCHASE IN TRADING ACCOUNT EXAMPLE GIVEN BELOW.

PURCHASE 1000000
(-) LESS
TURNOVER DISCOUNT 100000 9000000

NOW THE DEPARTMENT WANTS TO TAXED TO THE TURNOVER DISCOUNT.

WHETHER DEPARTMENT CAN TAXED ON TURNOVER DISCOUNT OR NOT.

REGARDS

ANAND SHARMA

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