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/-

If a person purchased goods by paying vat but while selling no vat has been collected and if he is registering his firm under vat need to pay vat after registration?

1580

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Hi, Please guide me in the TDS calculation. I know the slabs.But I dont have much idea about the deduction part.What is the need of Bsic and HRA while calculating TDS.Also I heard that LIC, Rent etc is excempted from TDS.Please guide me...my email id is tinjusyriac@gmail.com Thanks in advance..

2090

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Sir, in CEntral excise we need to pay some amt with interest ex.13815 amt for 66 days how to calcualte this?

2253

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What is the difference between Indian and us taxation

2670

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How to calculate entry tax on kraft papers format in excel under Assam Entry tax rules?

6366

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what is excise return, what is form requirement and what is procedure for excise return?

2187

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if threshhold limit is crossed then tds is deducted on which amount ? Aggregate or exceeding threshold limit?

1813

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if i have a comany take contract from gvt. & i take contract from that company, & in his bill he show about all tax deduction ike IT, WCT etc, but material is purchase by that company not by us so here i want to know how WCT applicable? on total amount of contract or according to rule like material service & after adding all things??

1764

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in relation to pioneer industries, explain the following terms:1,production day. 2,certificate of qualify expenditure. 3,income tax relief. 4,pioneer certificate 2. list seven pioneer industries which fall under pioneer status as contained in the industrial development act 1971

3154

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If concern supply garments from outside purchase to movie producer for their production then is it maintain Service Tax if yes then how and at first what steps I have to take?

1899

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which purchases is profitable for us a building material purchases from direct of contactor ?

1879

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If anybody have knowledge about opening for the post of accountant(for Gurgaon/Delhi) kindly mail me verma_moti@yahoo.co.in. I am handling accounting sales tax/vat,Excise,service Tax,Tds and MIS.

1898

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I run a small consultancy firm (partnership with my mother) from my residence address. My firm is not registered, but I do have a separate PAN for it. I do not have any salaried employees. I get work done by freelancers and vendors and pay them against invoice. My annual revenues are just about Rs 5-6 lakhs. I am aware that I would need to register for service tax once I touch Rs 9 lakhs. But I am confused about my obligation to get a TAN and deduct TDS for all vendor/freelancer payments. Are there any minimum thresholds for withholding TDS? Right now I pay 100% of invoice amounts. Please advise.

1891

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Our business is an international call center. we are selling antivirus which is buying rs 200 & selling Rs 4500.what will be the purchase & sales.& what will be taxation processor to calculate tax

2125

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What is the procedure to intimate Change Name of Business in maharashtra Vat Act, which form to be fill.

2923

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