Question { 17849 }

what is the rate of VAT in differnt items for example
metals, wine, garments, foods, electonics, medicine

Answer

the vat rates are applicable as follows
1% - precious goods
4% - necessary goods
14.5% - capital goods

and also special rates like
liquor -70%
petrol-32.55%
diesel - 21.33%

Question { State Bank Of India SBI, 45886 }

i have sbi po material ...... if anybody need it,.,. then
tell me

Answer

hi sumit this is ravindra and just planning to write exam
of sbi posts material i will be greatfull to you if you
could
do this small favour you can mai to ravipolina@yahoo.com

Question { State Bank Of India SBI, 45886 }

i have sbi po material ...... if anybody need it,.,. then
tell me

Answer

i will be very thankfull to you if you could send the
material to my mail i.d E-mail- ravipolina@yahoo.com

Question { State Bank Of India SBI, 45886 }

i have sbi po material ...... if anybody need it,.,. then
tell me

Answer

Hi this is ravi i would be greatfull to you if you could do
me the small favour by sending to my maili.d
Thank you very much

Question { Reliance, 18607 }

what is service tax-meaning,rates for
2008-09,heads,procedure of calculating,all form of service
tax,ahen service tax filled.complete information about
service tax?

Answer

the service tax is generally leivied on the services
rendered

tr-6 is the form which is used for filling the returns
for companies service tax should be filled on 5th of every
month

st-3 form to be filled on quaterly on or before 15th of
every month

formulae for caluculating service tax

total receipts* rate of tax
-------------
100+ rate oftax

Question { 8256 }

complete information about these taxes-income tax,ser vice
tax,sales tax,vat,excise with complete detail-mening,all
form ,date of filling,procedure,heads,rates for 2008-09 year?

Answer

INCOME TAX - IS the tax which is paid directly to the
centralgovt by the assesse on the income earned

SERVICE TAX - IS the tax which is paid for rendering of
services in this case the seller of the service collects
the service tax towhomhe is rendering the service &
indirectly pays to the centralgovt

sales tax - is the tax which is leivied at the point of
sale this tax will be leivied on sales
RATE - 12.36%, 12% IS SERVICETAX, .36% IS E.D CESS
vat - value added tax ,vat is a formof salestax which is
collected in different stages of transactions like buying
selling & distribution of goods & services the input tax
is rebated against the out put tax is called as vat

FORMULAE - OUTPUT - INPUT
RATES - 1%,4%,12.5%

EXCISE - Excise duty willbe paid when the goods are
removing out side the gate they need to pay the duty known
as excise duty it could be also called as cenvat
FORMULAE - SAME AS VAT
RATE - 14%

Question { 29319 }

If I purchased a machinary of Rs. 50,000 and Received a
free printer of Rs. 3000 . What its Accounting entry?

Answer

if i had purchased a machinery worth of RS 50000
the journal entry for this is machinery is an asset
and forthis rule of real account applies
RULE - "DEBIT WHAT COMES IN CREDIT WHAT GOES OUT
ENTRY - MACHINERY A/C dr 50000
to cash 50000
[being machinery purchased with cash]
conclusion - here for purchasing machinery worth of RS
50000 he received printer worth of RS 3000 as printer is
also asset printer is comming in and nothing is going out]

Question { HJ, 203223 }

what is the difference between direct income and indirect
income. pleases explain with example.

Answer

DIRECT is the income which is directly earned eg - profit
is also regarded as income because it is derived after
deducting all the expenses eg - income tax is leived

indirect income is the income which is indirectly earned
may be received in the form of lotteries,

Question { HJ, 203223 }

what is the difference between direct income and indirect
income. pleases explain with example.

Answer

if the income is related to the nature of the business then
it will be treated as irect income if the income is not
related to the nature of the business they are doing or
registered then it would be treated as indirect income.

Question { Genpact, 7795 }

what is finance

Answer

FINANCE IS AN OBLICATION TO MEET ALLTHE REQUIREMENTS
WHICH DEALS WITH FINANCIAL MATTERS IN WHICH PLANNING,
DECESSION MAKING PLAYA A VITAL ROLE

Question { 8561 }

Can we take back/rebate the excise duty which already paid
on export sales? If yes, please guide me a procedure.

Answer

I HOPE THAT FOR IMPORT AND EXPORT EXCISE DUTY IS NOT
APPLICABLE CUSTOUMS IS APPLICABLE IF IT IS APPLICABLE
IN ANY OTHER CIRCUMSTANCES YOU CAN GET CEN VAT CREDIT
LIKE THE TAX WHICH YOU HAVE PAID WILL BE DEDUCTED FROM THE
TAX YOU NEED TO PAY IF ANY CORRECTIONS PLS HELP ME OUT
CONCLUSION - IMPORT& EXPORT EXCEMTED FOR EXCISE DUTY

Question { 6851 }

In direct and indirect expenses we know direct means
expenses incured durning prodution process, indirect means
expenses incureed after prodution process, apart from
manufacturing concern , what do mean by direct & indirect
expenses.

Answer

According to cost sheet all the directs will betreated as
prime cost and all the indirects are treated as overheads

Question { 8120 }

what is the meaning of interim period?

Answer

INTERIM PERIOD IS THE YEAR WHICH COMES ONCE IT CAN BE
TREATED AS HALFYEARLY YEAR

Question { Alps, 78233 }

please Clarify between TR-6 and gar-7 challan.

Answer

T.R-6 CHALLAN IS USED FOR FILLING THE SERVICE TAX RETURNS
G.A.R-7

Question { Alps, 78233 }

please Clarify between TR-6 and gar-7 challan.

Answer

TR-6 IS USED FOR FILLING SERVICE TAX RETURNS & GAR-7 IS
USED FOR EXCISE PAYMENTS HOPE THAT THIS IS THE ACTUAL
DIFFERENCE BETWEEN BOTH