Answer / induja.l

The excise manufacturer (register under excise) is liable to
pay the excise duty, on monthly basis.

Slab of excise duty is, 12% excise duty, 2% education cess,
1% secondary education cess.

ER-1 (regular) assessee has to liable to pay excise duty on
monthly basis.
ER- 3 (SSI) Assessee has to liable to pay excise duty on
Quarterly basis.

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?

1 Answers  

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In the Balance sheet of a company you see the following details, Liabilities: Provision for tax - AY 2008-09 RS 200000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 Assets: Advance Tax- AY 2008-09 RS 150000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 On 15-03-2011, the assessment order for AY2008-09 was received and the final tax liability was stated to be RS 250000. Pass the journal entry for the closing of the relevant accounts in the books for the AY 2008-09.

0 Answers  

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certificate of export is for which items?

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How to calculate rental exemption if HRA is not given seperately and what will be the maximum allowability and under which Section of Income tax

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input vat and out put vat how it shows in profit and loss account

2 Answers  

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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.

1 Answers  

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If some service provider gives a bill having service tax. say cost of service is Rs 100, He is adding 12.36% sevice tax. Total comes 112.36. we have to deduct TDS @ 11.33%. On what amount we should deduct TDS? (on 100 or 112.36 )

16 Answers   Gammon,

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Who is exempted from registration and payment of tax under AP VAT ACT

1 Answers  

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what are organisations pay tds? when?

1 Answers  

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ie it possible to charge WHT and VAT on one trancaction? if yes,kindly explain the dynamics/working of both taxes

0 Answers   Microsoft,

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I want to know for Financial year 09-10 i.e 01.04.09 to 31.03.2010 what is the Assessment year

9 Answers   IBM, Pharma, TATA,

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I want to know how to calculate VAT / WCT Liability under composition scheme and regular scheme at Karnataka

0 Answers  

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