https://www.taxtmi.com/forum/issue?id=1933 VAT shown as a balance sheet liability is deductible if the VAT liability is paid before the due date for filing the income tax return; timely payment qualifies as an allowable deduction under the payment tied deduction provision. Separately, presenting sales and purchases net of VAT departs from the required accounting treatment and raises compliance concerns regarding presentation of VAT. en-us Sun, 16 May 2010 19:57:13 +0530 Thu, 23 Jan 2025 15:58:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=1933 VAT shown as a balance sheet liability is deductible if the VAT liability is paid before the due date for filing the income tax return; timely payment qualifies as an allowable deduction under the payment tied deduction provision. Separately, presenting sales and purchases net of VAT departs from the required accounting treatment and raises compliance concerns regarding presentation of VAT. Discussion-Forum Income Tax Sun, 16 May 2010 19:57:13 +0530 https://www.taxtmi.com/forum/issue?id=1933