02-19-2003, 07:51 AM
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 !!
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 !!
