Answer / smitha

Indirect Tax is the tax is collected from customers
indirectly and making payment to Govt by the seller. The
Indirect Tax includes VAT, CST and Excise Duty.

Answer / sindujaramkumar

indirect tax means the tax which has been paid by someone
on the behalf of the assessee (the person who pays the tax)

for eg:when we purchase the goods v pay the value of the
goods which also includes sales tax thus we dont pay the
tax to the IT authorities but on behalf of us the saller
pays the tax.

it includes the following:sales tax,CENVAT.

what is service tax

4 Answers  

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Under what circumstances Deferred Tax Liability or Deferred Tax Assets entries to be passed ? or what is the advantage by passing the above entries ? How the above entries to be nullified / reversed ( with examples please )

2 Answers  

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What is the limite of deducted of WCT & how we fill the return in Haryana

1 Answers   Vardhman,

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What do you understand by transfer income?

0 Answers  

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on which amount have to issued form C ?, when cash discount is also given in the bill after CST amount as, Sales valve+CST - cash discount.

2 Answers   ABC Bearings,

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Under which head depreciation will come?

4 Answers   OPI Global,

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can we issue F Form within the state? if yes what is the condition?

2 Answers  

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E payment is valid for Income Tax only or can other payment will me made?

1 Answers  

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Explain the Calculation of Sales Tax?

0 Answers   Cognizant, Petron ltd,

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Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.

0 Answers  

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What is Excise & Service Tax ? What's Diffarance Excise & Service Tax ?

11 Answers  

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verification of licence comes under professional or contract in TDS

1 Answers  

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