what is set off and carry forward.
Answers were Sorted based on User's Feedback
Answer / ajay
set off is related to taxes.for i.e. vat tax
if vat output is higher than vat input than we have to pay
the excess vat payment which we get after subtracting vat
output with vat input.
vat output-3000/-
vat input-1500/-
---------------
payble amount 1500/-(it is the amount which is due after
sett off)
if input is higher than output than excess of output is
carried forward.i.e.
vat input- 3000/-
vat output-1500/-
----------------
vat carried forward - 1500/-(it is the amount which is
carried forward)
Is This Answer Correct ? | 4 Yes | 0 No |
Answer / vivek anand
1:::::---set off and carry forward comes under taxation. i
vl take an eg.to explane set off-- mr.a has got 2 business
one is cloth shop and another is coffee shop...at the end
of d year...owner faced a loss of 50000 from cloth shop and
profit of 60000 from coffee shop.(60000-50000) therefore
the owner is only liable to pay tax on 10000 rs because
according to income tax act. his loss should be recovered
from his profit.
note:- both the business should come under one head..
2:::::---carry forward ---taking same senario if mr.a faced
a loss of 100000 and profit 0f 30000 ...den his profit
amount will be adjusted to his loss amount and he will not
be liable to pay any tax...whereas (100000-30000) leftover
amount vl be again adjusted to next year profit....if he
coundnt recover his loss amount next year...d maximum time
he can take is 8 years..
Is This Answer Correct ? | 4 Yes | 2 No |
What a deferred asset is and give an example?
Does anyone have any other recent Factset interview questions?? what other types of technical questions do they ask consultants?
Accounting for vc money in financials
maximum bank permissable finance
What is the written of minimum cheque value?
WHY DON'T WE TAKE BANK AND CASH ACCOUNTS INTO REALISATION
How i should sellone the mobile phone when interviewer will ask sell this phone to me?
question paper pattern of factset
what is fund flow statement??
My firm got Rs.1,00,000/- as consultancy charge after deducting Rs.10,000/- as TDS. Now we have to pay Rs.15,000/- as Service Tax. Net effect we will receive only Rs.75,000/-. How can i account this.
what is mutual funds?
Sales A/C belongs to which account type?
12 Answers Chartered Accountant, OPI Global,