Interested to Buy Any Domain ? << Click Here >> for more details...
when we buy an assets a vat has been charged, under which
head we show this entry according Haryana sales tax act?
- 3 Answers
- 6581 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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.
| Is This Answer Correct ? | 2 Yes | 0 No |
Post New Answer View All Answers
Our company is engaged in a business of Real state developer in andhra pradesh. we want to purchase some material from other states. we have central sales tax registration. whether we are eligible for issuing a form 'c' to the supplier being a deeloper.
what is the case assesment of sales tax and vat.What is the proof of this case assesment.why we use the challan-c...???? Plz tell me someone...???
1. Why some companies are not deducting the TDS or WCT on their clients Invoice.,? 2. How companies are getting exemption from Deduction TDS or WCT. ?. 3. What are the procedure for not to deduct the TDS or WCT on client invoice while making payment for their Invoice.?.
Define the term person?
what is the difference between captive consumption and cenvat in tally erp9 and when we have to use it
I want PTR Number and I am working professionaly related documents i have but officer asked me to bring any business commencement proof. here,I have no business? so what proof i will give to him.
how to calculated all taxes their information in details
I have a plot at Visakhapatnam. I have entered into a contract with a builder which enables him to construct 10 flats on the plot and builder and myself will share 50:50 of the constructed area. i.e. builder will get 5 and i will get 5 flats. Builder is not paying me any other consideration apart from 5 flats. Kindly clarify as to whether any servive tax is applicable and payable by me ?- kgr varma
HOW CALCULATE PARTERNERSHIP FIRM INCOME TAX ON NET PROFIT.
What is FBT? Is there any fixed rate of tax for all? or slab rate? pls give the detailed answer with examples. My e- mail ID: vijji_tv@yahoo.com
come'?
Can I know the full description about capital and revenue in nature? and also the expenses that allowed for tax and not allowed for tax?
What is the commitment to the bankers against L/C ? They need any colletral Security or any deposit ? What is terms & conditions of L/c?
how to calculate tax for the income earners
if i have a educational loan on my name, can i show for tax exemption on current year income tax? Is it applicable for tax exemption (educational loan)
