Question { Maruti Suzuki, 8841 }

When we (Company) deduct surcharge of Contractor (above 10
Lakhs Individual, 1 Crore in case of Company) Pl confirm
the meaning of 10 lakhs and 1 Crore. Either it means
payment made to the contractor in a year by a company or
one & more company (Aggreg. Income). Pl explan in detail.

Answer

w.e.f 1-10-09 surcharge is levied only on salary and non on other payments.

In the above said question, surcharge is applicable on payment of income tax, if profit of the company is 1 crore or more and in case of individual is income exceeds 10 lacs.

tks

Question { 7834 }

What is the vat percentage for construction company

Answer

Now rates has been chaged :-

under composition scheme 4.8 % + 3% cess

Normal :- 12% + 3% cess

Tks
9584826851

Question { Honda, 7312 }

If Advance deposited Rs.200000/-, TDS diposited Rs.100000/-
& Provision for Income Tax is Rs.250000/- but It department
raise the Assessment Tax is Rs.350000/-. What will be the
journal entries?

Answer

provision for IT 250000
I.T for the earlier year 100000
Income tax payable 50000
TDS receivable 100000
Advance tax 200000
--------------------------
350000 350000
( being advance tax and tds receivable adjusted with provision of I.T)

Question { Honda, 7312 }

If Advance deposited Rs.200000/-, TDS diposited Rs.100000/-
& Provision for Income Tax is Rs.250000/- but It department
raise the Assessment Tax is Rs.350000/-. What will be the
journal entries?

Answer

provision for income tax DR 250000
Income tax for earlier year DR 100000

INCOME TAX PAYABLE CR 50000
TDS RECEIBABLE CR 100000
ADVANCE TAX CR 200000