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I renders interior Services, consider one project cost
Rs.500000/-
Scenario 1 - Material purchased on my Firm Name
Material - 300000 - 0 On party behalf
Labour - 200000 -150000 My expenses for Labour Contracts
Profit - 50000 My Profit
Scenario 2 - Material purchased by client
Labour - 200000 -150000 My expenses for Labour Contracts
Profit - 50000 My Profit
In both Profit is same Rs. 50000/-. which is beneficial for
me in terms of turnover or tax matters.
and if I have to raise a bill to party as per both scenario,
how it will affect bill and tax, where will I suffer loss?
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Answer / rajubhalerao
Scenerio 1 - Consider material purchased for Rs.3,00,000 as all
utilised and so profit is Rs. 50,000/- in both cases.
| Is This Answer Correct ? | 2 Yes | 0 No |
On what amount of sale Excise Duty levied?
COST OF ASSETS 250000 ACCUMULATED DEPRECIATION 115000 SELLING PRICE 137500 PASS ENTRY FOR THE SALE OF ASSET.
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