Answer Posted / sanjay kumar

'vat' is a direct tax. it is charged by seller from customer on the behalf of state govt. and deposit in govt. a/c. there are different type of VAT rate according to state govt. rule/products for example 4%,5%, 12.5% etc. suppose Mr. X purchase goods from Mr.Y of Rs. 50000/- and according to vat rule 4% Vat applicable on above goods thane entry will be

IN THE BOOK Mr X

Purchase(goods) a/c Dr. 50000/-
Vat 4% a/c Dr. 2000/-
To Mr. Y A/C Cr. 52000/-

IN THE BOOK OF MR. Y
Mr. Y A/C Dr 52000/-
Sale(goods) a/c Cr. 50000/-
Vat 4% a/c Cr. 2000/-

WHAT IS THE MAIN OBJECTIVE TO ISSUE THE WAYBILL TO THE SUPPLIER ? WHAT IS THE TAX LIABILITY ARISES ? WHO HAS THE OBLIGATION TO PAY THE TAX ?

2640

---

WHAT IS TAXATION?

2337

---

I raised a service tax invoice against a client on which i charged service tax and without receiving any sum from client a deposited service tax on good faith but now client refuses to pay sum . so please, tell me what should i do.

2287

---

My Question is regarding WCT. During an audit of a company, i saw a contractor consolidated invoice for installation at site in which it shows labour charges and goods supply separately and no service tax and vat is charged. The company pay the whole amount to contractor after deducting TDS. my question is whether WCT also deducted? if deducted at which rate if company in gurgaon?

2225

---

my manufacture company established in Excise exempted Area. and we pay freight to transpoter.& also deduct service tax.what will be the entry of this transaction. can i adjust this service tax payable from input service tax of telephone bill.

1938

---

Rules for filling Income Tax return for a domestic manufacturing company.

2492

---

A individual advocate recievs legal fees. is he liable to pay service tax @ 12.36% on it?

2001

---

A person somehow gets hold of an extraordinary rare bird, keeps it as a pet for two years and then sells it off. Will related profit be taxable as capital gain?

2182

---

What will be the planned expenditure in the budget 2009-10

2331

---

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

1927

---

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?

2079

---

What are the streamlined sales and use tax agreement?

1094

---

What is turnover limit for Auditing of Service Tax, VAT, Income Tax, Provident Fund, P. Tax and WCT? Please mail me at gautam_ch2 @ rediffmail.com or call me at 09831707812.

3279

---

Sir please confirm job work sale for clothes shat d1 yes & no

1779

---

I DED TDS ON SALARY AND CONTRACTOR WHERE I DEPOSITED THIS AMOUNT WHICH PROCESS I FLOW TO FULL FILL ALL THE MANDATORY

2040

---