Question { 11270 }

what is the tax of business income ?

Answer

Tax on Business Income is 30%

Question { 8005 }

last financial year'2007-08 i have not deposit TDS amount
till today. can i deposit TDS amount now with interest.
please advise me.

Answer

sure, You can deposit TDS amount with Interest.

Question { Jindal, 25510 }

WHAT IS BIFR? GIVE THE DETAIL EXPLANATION

Answer

BIFR means "BOARD OF INDUSTRIAL AND FINANCIAL RECONSTRUCTION. It is a statuory body formed for Revival and Reconstuction of Sick Units. Now these days It become a common practice to many Enterprenuers to go BIFR by showing Loss to their Enterprises, and getting Loan Subsidy.

Question { RCC Laboratories India Private Limited, 109591 }

Is VAT & CST should be charged on Freight charges or not.

Answer

If the Freight is included in Invoice we need to pay VAT. If it possible to find Seperatly freight charges, no need to pay VAT or CST. Only Service Tax is to pay. Now VAT is 4% and Service Tax is 10.3% to get benfit of Tax, all Traders are computing VAT on freight.

strictly speaking Service Tax is applicable to Freight. No CST or VAT

Question { Syntel, 11993 }

what is the rate of TDS for rent of the company

Answer

According to Section 194I Tds for Rent payble to Companies 20% plus IT and Addl.Cess. Similarly rent payble to Individuals and Firms TDS Rate is 15% plus IT and Cess.

Question { 6486 }

On what amount of sale Excise Duty levied?

Answer

Mr.Tej Prakash,
You are correct. I thought Excise duties are levied at the time of removal on Cost of production. According to you Gross sale minus Taxes are including Profit also. I thought we need to correct our answer.

regards
Suman