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I am running a small business under labour charges. I
purchase raw material paying tax. I do not have a tin no.
In that case kindly advise How to file IT returns of my
company and whether I can claim tax refund.
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Answer / abhivirthi tax and industrial
Purchase of raw materials by paying Input VAT Tax is used for the small business of labour charges. Input VAT paid at the time of purchase of raw materials were paid to the respective State Government and the same can be adjusted only if there is sale by using the raw materials and will not be refunded by the State Government.
Filing of Income Tax Returns relates to Income Tax Act and the Income Tax Relates to Central Government.
There is no provision to refund the tax paid to the State Government under State Government’s Act by the Central Government under Income Tax Act as the Acts and Governments differs.
In simple the tax paid to the State Government will not be refunded by the Central Government.
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014.
Website: www.abhivirthi.blogspot.com
Cell: 9994990599
| Is This Answer Correct ? | 2 Yes | 0 No |
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