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Trade Discount
02-19-2003, 12:17 AM
Post: #1
Trade Discount
Whether or not Trade Discount will mention on the Invoice , and if Invoices are prepared on Net Basis what Implications will arises with relation to the Income Tax and Sales Tax laws.

If any Case Law Decided on this Issue, Please refer......

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Edited by - ayub on Feb 18 2003 71833 PM

Edited by - ayub on Feb 19 2003 114131 AM
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02-19-2003, 07:51 AM
Post: #2
 
For sales tax purposes trade doiscout should be mentioned on the invoice other wise full sales value will be considered for sales tax.
Disclosure of sales discout on the invoice is upon the descretion of the issuer of the invoice ........... but sales tax requires the disclosure of the sales discout and law also requires that this discout should be in confirmity with the industry practices.

Where as for Income tax purposses its an allowable deduction but its disclosure is not mendatory . (Well I am not sure about income tax so u better get second opinion)

Please correct me if I am wrong !!
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