Answer / h.r. sreepada bhagi

If the buyer is entitled for VAT Credit on the VAT charged
in the Supplier's Sales, Invoice, Debit it to VAT Credit A/c
and adjust this amount while remitting VAT collected on your
sales to the Government. Debit the remaining amount to
concerned A/c. In case the the buyer is not entitled for VAT
credit on the asset bought, Debit the full value of the
asset to the concerned Asset A/c. The Fixed Asset account
will be subjected to depreciation charge as applicable.

In any case this VAT will not be accounted in Duties & Taxes
or charged off as expense or shown as liability. VAT Charged
in the seller's invoice is not liability by the buyer to the
Commercial Taxes department, but the total value of the
invoice is payable to the supplier. if the money has bee aid
in advance, it will get adjusted to the extent advance paid
& the balance will be payable.

Answer / m.l.v

Duties & Taxes

Answer / ravindra

when we buy an asset certain vat has been charged that means
we need to pay the tax for asset purchased.

if it is paid it will be shown under the head expense.
if it is payable it will be shown under the head liability.

in any sales promotion material can we issue any C form to party

1 Answers  

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If suppose we wrongly deduct the TDS on professional fees then what to do?

2 Answers  

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i am purchasing goods from other state and selling it in my own state, what are the taxes applicable during this transaction. i am paying cst for inter state whetehr i have pay VAT if i sell the same goods in my state.

4 Answers   CA,

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Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!

0 Answers  

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which within months we took service tax input. that means 3 or 6months

1 Answers  

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Why Tds is not deducted on service tax amount of rent bill(let out for business purpose).

2 Answers   Mphasis, VNS Accessories,

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A cement product which MRP value is Rs. 280. Now how it calculate the Basic Excise on MRP or my Selliing value from factory?

2 Answers   Udapudi Cements,

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What happen if employer not deduct t.d.s. on salary paid upto December?

2 Answers   TATA, Wasankar Wealth Management,

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A Accounts Manager of a Company ask You have complete knowledge about income tax. The question is that What things involve in complete income tax

5 Answers   ICICI,

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Hi, Our Company Purchase Rs:15,00,000 worth of Truck from a person, When at the time of Payment We deduct TDS or Not? Note: There is No Agreement or Contract with them I need the Help. Regards Sakthi

5 Answers   Bajaj,

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If my Basic Salary is Rs.23000/- than what is the tax impact on it ie PF,ESIC,PT & TDS with calculation.  and also if i had received only 9mth salary.  

1 Answers   Triple A Overseas Ltd,

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Can Form H be given based on exicse invoice copy

1 Answers   TATA,

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