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..

Accounting periode is normaly one year, bot accounting periode is for 5 year is possible or not?plz list the name of organistaion whose accounting periode is 5 year

1 Answers  

---

we have paid diwali bonus by chq.. pls let me know how to enter the same in tally and in under which head..Explain pls

7 Answers  

---

IF WE PURCHASE TV FOR PERSONEL THEN WE DIDNT RAISE PURCHASE ORDER WHY ?

3 Answers   Accenture,

---

Tell me how much statistics knowledge is necessary or required in accounting?

0 Answers  

---

what is the enty for gift given to company employee by company but purchased by director of the company

3 Answers  

---

what is entry for salary advance paid and received? the salary entry enter to Indusvel name

1 Answers  

---

what journal entry pass in case of vat refundable and in case of vat payable?

2 Answers  

---

What is full rate on plywood box in haryana sale tax:

0 Answers   Nefab India,

---

what is differnce between balance sheet of a bank & a company

0 Answers   Banking, Standard Chartered,

---

IS there any duty on freight charges on import duty? If yes, what is the percentage?

4 Answers  

---

Q.Goods worth Rs.5000 destroyed in fire? Insurance claim received RS.4000 for the goods lost? Loss of Rs.1000 pass the entries in the books of accounts?

16 Answers  

---

what is the meaning of contra, give the example

5 Answers  

---