Answer / ajay

set off is related to taxes.for i.e. vat tax

if vat output is higher than vat input than we have to pay
the excess vat payment which we get after subtracting vat
output with vat input.
vat output-3000/-
vat input-1500/-
---------------
payble amount 1500/-(it is the amount which is due after
sett off)
if input is higher than output than excess of output is
carried forward.i.e.
vat input- 3000/-
vat output-1500/-
----------------
vat carried forward - 1500/-(it is the amount which is
carried forward)

Answer / vivek anand

1:::::---set off and carry forward comes under taxation. i
vl take an eg.to explane set off-- mr.a has got 2 business
one is cloth shop and another is coffee shop...at the end
of d year...owner faced a loss of 50000 from cloth shop and
profit of 60000 from coffee shop.(60000-50000) therefore
the owner is only liable to pay tax on 10000 rs because
according to income tax act. his loss should be recovered
from his profit.
note:- both the business should come under one head..
2:::::---carry forward ---taking same senario if mr.a faced
a loss of 100000 and profit 0f 30000 ...den his profit
amount will be adjusted to his loss amount and he will not
be liable to pay any tax...whereas (100000-30000) leftover
amount vl be again adjusted to next year profit....if he
coundnt recover his loss amount next year...d maximum time
he can take is 8 years..

3 dost 1 hotel me khana khne gye to unhone 75 rupye diye aur hotel ki malik ne unhe 5 rupaye wapas diya aur 2rupye water ne rakh diye aur une 1,1 rupye diye aur 1 rupya kha gya

2 Answers  

---

Hi Guys. Does anyone know any practising cost accountant in hyderabad? Pls help me. I would like to gain some practical experinence. Salary not an issue. Pls help me guys.

1 Answers  

---

What steps would you take to locate the errors in case trial balance disagrees?

0 Answers  

---

What is reversing journal entries?

0 Answers  

---

Dear Sir, Which FORM to be used for service Tax deposit challa for security agency or is it manadatory for deposit challan online .

1 Answers  

---

How to calculate Gratuity & when it's applicable to employee after three years or Five years?...

0 Answers  

---

sir, i m working in an ngo as accountant but new. pleas clear my doubt in tally. suppose 'a' salary is 5000. he taken 3000 advance from salary and not returned. i paid a cheque next month rest 2000. 'b' salary is 10000, taken 5000 advance from salary and returned so i paid him 10000 total salary. what all to do in tally. is the following procedure is ok or not?

5 Answers   Banking,

---

WHAT IS ACCOUNTING HEAD FOR TRADE FINANCE? I HAVE PAID 49268 FOR TRADE FINANCE.WHERE SHOULD I TAKE IN TALLY

0 Answers   Wipro,

---

Is the Bills payable is personal account ?

2 Answers   Income Tax, Josts Engineering Company,

---

what is DOUBLE TAXATION

2 Answers   MoveiT Infra Services,

---

how to prepare trial balance?

1 Answers  

---

what is special purpose ledger in SAP.. is it required to configure in ECC 6.0 since New GL concept is active?

0 Answers   HCL,

---