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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1893)
 Accounting General interview questions  Accounting General Interview Questions (2783)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4354)
Question
I renders interior Services, consider one project cost 
Rs.500000/-

Scenario 1 - Material purchased on my Firm Name
Material - 300000 -     0 On party behalf
Labour   - 200000 -150000 My expenses for Labour Contracts
Profit            - 50000 My Profit

Scenario 2 - Material purchased by client
Labour   - 200000 -150000 My expenses for Labour Contracts
Profit            - 50000 My Profit

In both Profit is same Rs. 50000/-. which is beneficial for 
me in terms of turnover or tax matters.

and if I have to raise a bill to party as per both scenario, 
how it will affect bill and tax, where will I suffer loss?
 Question Submitted By :: Rajubhalerao
I also faced this Question!!     Rank Answer Posted By  
 
  Re: I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 - 0 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?
Answer
# 1
Scenerio 1 - Consider material purchased for Rs.3,00,000 as all
utilised and so profit is Rs. 50,000/- in both cases.
 
Is This Answer Correct ?    1 Yes 0 No
Rajubhalerao
 

 
 
 
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