Interested to Buy Any Domain ? << Click Here >> for more details...
our manufacturing company, i have received different type
of excise bill. for ex. abc invoice purchased oil 17966.88
qty @54.80 inducing excise duty 14% tn how separate rate n
excise calculated
- 1 Answers
- 2963 Views
- I also Faced
- E-Mail Answers
Answer / abhivirthi tax and industrial
Some dealers will issue sale bills to aggregate amount i.e. including tax. If tax is not shown separately the tax element and principal amount has to be arrived applying the following formula.
Rate of Tax X Aggregate of Sale Price
100 + Rate of Tax
By using the above formula, the rate of the commodity and tax or excise duty etc. will be separated and after arriving the rate of commodity, divide by quantity and the actual rate will be available.
14 X 17966.66 2206.46 is 14% Excise Duty
114
15760.42 is the rate of 54.80 quantity
------------
17966.88 is the invoice amount
------------
The above formula is available under Section 8-A Determination of Turnover of the Central Sales Tax Act, 1956.
Reply from:
ABHIVIRTHI Tax and Industrial Consultancy
R.R. Jagadeesan
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014
www.abhivirthi.blogspot.com
Cell: 9994990599
| Is This Answer Correct ? | 0 Yes | 0 No |
Is car hire charges attract FBT?
Under what circumstances income of a person can be assessed in the same year in which it is earned
Can I make a my HOUSE RENT AGREEMNT in the favour of my wife (LAND LORD) of Rs. 25000/- (twenty five thousand per month). if yes then what are the liabilities on me and my wife (land Lord) w.r.t INCOME TAX Act.
Please guide in Taxation. I want to know the CHALLAN NO, FREQUENCY OF TAX DEPOSIT,FILING FORM NO, FREQUENCY OF FILING OF ALL TYPES OF TAX(DIRECT & INDIRECT)
What about sur charge on income tax for the individuals who crossed 10lks for the year 2009-10
What should be the TDS Deduction for technical consultancy received from Malta to an Indian Company
What is the SEZ formalties in cement Industry?
Hi Kindly provide the current slab for profession tax in karnataka and due date for remittance the profession tax
Briefly Explanation of Entry Tax when we pay the Entry Tax
When a company sold the material to is customer which is at another state under Form-C his bill was pertaining to first quarter but the customer received in second quarter. The customer will issue Form-C as per Invoice date or Material Received date.
What items fall under the category of ‘securities’?
what is the rate of TDS for rent of the company
Audit 
