Question { 33084 }

what is vat,meaning,procedure,heads,rates,all form of
vat,when vat is filled,full information about vat?

Answer

vat stands for value added tax.sales tax is redefined &
renamed as a VAT. but central sales tax is remain same name
and applicable as CST. sales tax has two types.
1st- local sales tax that is also called vat.
2dd- central sales tax that is called cst.
filing of return is quaterly for vat & cst.
Rates of vat i.e. LST is 1%,4%,12.5%,20%
1% is used for selling gold silver diamonds ETC
4% is used for selling rice pulse medicine ETC
12.5% is used for cosmetic item ,packed tin food, pac &ked
water & luxurious item.
20% for liquor product.
filling process. -for purchasing
form Lp7 for 1%, 4% and 12.5% goods purchasing
for selling LS 9 for 1%,4%,12.5%,20%
Quaterly return form vat R1-its included all purchase during
three month mmention in Lp7 and ls9
yearly return vat R2 details regarding sale and purchase
throughout the year,
timing for filingfor 1st qtr-30july,2ndqtr-30oct and so on.

Question { Alps, 71990 }

please Clarify between TR-6 and gar-7 challan.

Answer

Gar-7 is new version of tr-6 where tr-6 is out of dated.
for excise deposite GAR-7 with white colour with black font
and for service tax gar-7 yellow colour of black font and
for custom pink with red font . I think it is clear.

Question { ABC, 35391 }

Telliphone Bill amount is Rs. 50,000/- and Service tax
(12.36%) is Rs. 6180/- Total 56180/- is going to Debit a/c.
my question is Tds caluculation made for what amount.
(50000/- or 56180/-) pl give me correct answer.

Answer

surely 56180/- because 6180 is a part of
consideration.either service tax or tds both are taxable
consideration. for detail
read ready recknoer or download.

Question { 13530 }

can anybody tell me what is the last date of Service tax
payment (Quarterly/Monthly) in Company or other then
company (individual/propritorship/partnership) & what is
the last date of half year return.

Answer

deposite of service tax is within 7th day after finishing
of quarter. and for return within 15days after finishing
half year.

Question { 3864 }

I'm a Taiwaness, and my boss have investment in india. I
have a question about TDS. If I rent a one day car that
doesn't sign any contract or agreement, should I pay the
TDS or should I dedcut TDS from payment of this
expenditure.

Answer

If payment is made through cheque then it is neccessary,
but also if payment is made through cash and vendor made
taxable invoice with service tax then both circumstances
it is applicable. But if payment is made by cash without
taxable invoice then no need to pay tds.

Question { DOEACC, 40606 }

What is TAN, TAN, PAN, DIN and what are uses of these in
any company/organization/firm. pl tell me

Answer

TAN stand for tax assessment number used for tax deduction
at source .
PAN-permanent account number used for income tax.

TIN-tax identification number used for vat & sales tax used
for business.

Question { 3534 }

IS THERE LIABILITY OF SERVICE TAX IF WE PROCESS CATTLEFEED
FOR OTHER PARTY ?

Answer

Its depend to your turnover, if your turnover is 10 lakh
per anum then it is required.

Question { 11436 }

Sir I am taking the Salary Rs 18000/- the shown to me in
Pay Roll Basis but not deduct any PF. Plz told me tha is
the company liable to deduct my PF?

Answer

within 10000/- The company is lible to deduct P.F. But
above 10000/- salary its depend to company, wheather they
may deduct or they may not deduct it is not bound.

Question { 4600 }

Hi everyone

Sir if we not deposited the TDS before 7th of Every
month,tehn what is the penality rate

Answer

The penalty rate is 12% Per anum calculate according to
your days from 7th day.

Question { DLF, 17017 }

WHAT IS THE ENTRY FOR BOOKING PROVISION...? IS IT
COMPULSARY FOR BOOKING PROVSION IN ACCOUNTING?

Answer

It is compulsory for booking for provision because without
provision you can not make a balence sheet with 100 %
Accurate. suppose you are closing financial year on 31
march and up to 31 March you can not book some exp like
income tax(based on calculation of net profit) , tel bill
(March) , water bill(March).

Income tax A/c ........Dr.
water Exp A/c..........Dr
To Prov for Income tax.
To Prov for water Exp.

hence it is compulsory as per company and income tax act.

Question { 5384 }

Why don,t show the Closing stock in Trial Balance.

Answer

Because trial balence is a balence/extract of every
ledger's balence ,each ledger having double effect which
goes to trial balence ,E.G for making payment one effect is
credit cash and dabit to party,every ledger with double
effect goes to only trial balence.
hence-closing stock is already included in
purchases+opening-Sales and each entry of three with double
effect shown in trial balence that is why closing stock is
not shown in trial balence.

Question { 7106 }

which contractors does not deducted tds ?

Answer

Transporter contractor if they provide Pan Then exempted
from TDS ; otherwise deductible...

Question { 16143 }

Wat is the journal entry for credit sales with vat

Answer

PURCHASE MATERIAL A/C...............DR
VAT A/C.............................DR
TO SUNDRY CREDITORS A/C

Question { 9301 }

Can fright charges be included to calculate vat amount?

Answer

yes , freight is chargeable for vat , if invoice is made
without vat of freight and freight is shown in invoice i.e
amount of goods + vat= total amount+freight =grand total
while you assesement will took place you will have to pay.
so while raising invoice freight should be included and
calculation of vat should be= Total amount of
material+freight +vat of material and freight. if you are
not doing so you will have to pay vat on freight on assesment.

Question { 9586 }

i am working as an accountant. i forgot to deduct the TDS of
one employee in year 2010-11 of Rs.1141/-. Now what is the
procedure or solution for it?

Answer

Miss Rita,

Pls do calculate interest 1.5% per month . If You have
forgotten for only one month tds then you have to deposit
in single payment with 1141 tds + 1.5% per month
interest . But if you have forgotten all Tds for 12 month
then you have to deposit in 12 challan or epayment with
interest 1.5 % .