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Taxation Interview Questions
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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.

ABC,

915

how much tds deducate on hotel party arrange by company

Unique Engineers,

982

Sir, We purchased coal from NCL on CST basis. An incentive is paid on the basis of performance basis of NCL. NCL Raise there incentive bill for Rs. 1000+CST2% Rs.20 Total Rs. 1020/-. But As per Our Calculation, Incentive bill should be Rs. Basic 900+18 (CST)total Rs. 918. We argue and disputed and paid only Rs. 918/- . After Some time they also agree that incentive amount should be Rs. 900+CST but Now they revised the bill like this Basic Incentive Rs. 900+CST Rs.20/- (Original Tax value). And now they are demanding C for with CST 20/- but our pleas is that we are not liable for the mistakes made by the NCL and will issue C for for Rs. 18 Only. Now They are demanding C for for difference of Rs. 2 of CST. My Question is what should be the actually value of C form for CST ie. Rs. 18 or 20. considering the fact that we accounted only rs. 918/- in books and disputed is resolved after one year for basic value.

NTPC, XYZ,

1018

WE purchase Firewell for our office Rs.26500/- the vendor charge 5% vat on 26500=1325 and S.Tax 14.5% on 26500/- =3843 is it is possible please clarify

856

In wct limit is Rs.5lac if vendor provide bill below 5lac wct will applicable or it aggregate I need deduction of wct 5lac slap

NSCI,

855

A newly start business person purchase material from out sate by paying advance tax to commercial tax dept. And collect road permit for purchasing the material which consider the cst-form. But he not registered in that state. Where he is paying adv.Tax -if he eligible for the c-form.

1 1287

In our bodyshop wct tax is 13.05% on the whole Labour charges( including opening fitting ,repairing ,painting. Is this justified?

Rudra Automart,

814

can a company/firm give more than 20000 rs in cash in a day to his employee as an advance for day to day exp ( not for purchase a capital asset )

Gammon,

3 2459

Can Form H be given based on exicse invoice copy

TATA,

1 1362

i want to learn income tax work please tell me about all dedutions exempations and income detail...how to calculate tax on net income

ABC,

957

How to show reject material in ER1

833

assessee is a developer. menthod of accounting- mercantile. he sold a flat to party , registration has been done in financial year 2012-13. but he has taken the sale next financial year on the ground that one cheque has been credited in the next financial year. can the assessee's claim can be considered for taxation purpose

815

Total amount inclusive of tax is 1,00,000 1) ST @ 14.5% on 30% of value 2) COT @ 4% on 100% of value Please find the answer?

GW,

1 1373

Testing charges bill given for Rs. 32,000/- but not added service tax in this bill. So, How much TDS will be deduct

Suraj Constructions,

1 1648

how many form 38(Road permit) can issue in one month or in one time

SR Industries,

1 1551


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Un-Answered Questions { Taxation }

Need of Bank Reconciliation to a company

1298


define double entry bookkeeping

1389


what is excise

1447


CERTAIN LIST OF EXPENSES ARE MENTIONED IN SECTION 35D regarding amortisation of such expenses........not included in the list are expenses like administrative expenses,consultancy fees etc...if these expenses are of revenue nature then well and good enough, problem taken care of.If it is not of revenue nature nor is it included in the list, how do u treat such expenses. Do u capitalise them by way of fixed assets or sunk costs or what do u do? any case laws that talk about expenses not mentioned in the section?

1534


Provision for Service tax, Income tax and Sales tax

1262






#IS IT NECESSARY TO COLLECT T.C.S ON EVERY POINT OF SALE# THAT IS IF MANUFACTURER SOLD ANY OTHER FOREST PRODUCE NOT BEING TENDU LEAVES (T.C.S @ 2.5%)TO TRADER,IS IT NECESSARY FOR TRADER TO DEDUCT T.C.S.MANUFACTURER ALREADY CHARGED T.C.S TO TRADER & ISSUED TO TRADER 27-D FORM.WAITING FOR CLEAR CUT REPLY

1140


Excise duty applicable for Handmade Production?

2273


I had filed e-filling IT Return for A.Y.2011-12 before 1yr but yet I have not get Refund & not seen refund status at on income tax site now I filed e-return for A.Y. 2012-13 now what i do for refund A.Y. 2011-12?

1105


can we do manual tds return file or r-tds is complusry? if we can do manual tds return file, where i have to go for return file. like we go to income tax department for Income tax return file in manula tds case.

1502


if cst sales and purchase is completed and we issue c form and received c form also.but in next month both sales and purchase are return. my question is how to pass reverse entry when c forms issue/receive. how it cst return also.

2116


What are the treatment & implications if party doesn't provide C Form in interstate sales transactions & also same if provide C Form.

993


What is process CST & Custom Duty Handle in tally Erp 9, with example.

870


WHAT IS THE PROVISION OF TDS RECEIVABLE AT THE TIME OF YEAR ENDING GIVE THE EXAMPLE WITH ENTERY ON MY E.MAIL sonidilip87@yahoo.com

2305


how to pass service tax reverse charge entry pass in books

2637


WHETHER VAT IS APPLICABLE IN FIRMER TRACTORS ? WHETHER VAT IS APPLICABLE IN NORMAL TRACTORS ? PLEASE NOTE THAT I HAVE PURCHASED IT BY PAYING VAT.

1317