Answer / mohd abdul qader

It is Minimum Alternative tax. It is levied on Book profit
it ignores Accounting profit, Even if you have accounting
loss companies should pay MAT

Answer / pawan tiwari

MAT STANDS FOR MINIMUM ALTERNATIVE TAX.IT IS CHARGED ON 10%
OF BOOK PROFIT OR ACCOUNTING PROFIT WHICHEVER IS HIGHER.
THIS IS COVERED BY SECTION 115JB IT IS INTRODUCED AS MANY OF
THE COMPANIES LOWER THERE PROFIT BY TAKING ADVANTAGE OF LOOP
HOLES IN TAX AND THEREAFTER PAY EITHER NO TAX OR LOW
TAX.HENCE THIS SECTION IS INTRODUCED IN ORDER TO SAVE
REVENUE OF INCOME TAX.

What can be done incase of excess payment of TDS Remittence than the actual amount? Is there any adjustment towards the excess amount with the upcoming TDS payment?

8 Answers   TCS,

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Basing on what we can made TDS payment

0 Answers  

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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?

1 Answers  

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MY QUESTION IS 1. WHAT ARE THE LEDGERS TO BE OPEN FOR TDS 2. WHEN AND TO WHOM I DEDUCT TDS 3. JOURNAL ENTRY FOR ALL TDS TRANSCATION 5. IN TALLY ERP MENTION LEDGER TO BE CREATED UNDER WHAT GROUP 6. THEN ANY OTHER IMPORTANT INFORMATION ABOUT TO CHECK IN TDS

1 Answers  

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In the excise bill I have applied basic excise duty only. The excise duty of cess(2%) and Hcess (1%) is not applied. Is this correct???

1 Answers  

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what about present pf rate can anybody defined clearly

2 Answers  

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What is the maximum amount to issue Form C to a dealer for the purchase of 40 crores in several bills in a quater?

3 Answers   Student,

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This is the WONDERFUL site I have ever seen. Sorry that I have selected the irrelevant category. But my question is whether I can get the right answers in this site ID for the interview questions available in this ID. If so please guide the navigation

0 Answers  

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What is meant by asset clearance . how should i make my entries in tally

0 Answers  

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What is the present TDS structure in india for the current year.Is there any changes

3 Answers  

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When Selling a goods to a party Excise Duty chargable on VAT or not.

9 Answers  

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Cenvat credit transaction journal entries. And what does the term reversal of credit means

0 Answers  

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