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what is meaning the central excise duties
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Answer Posted / saurabh arora
This is the indirect tax levied on manufacturer which is
payable to Govt. of India. The manufacturer adds the this
tax on its cost thus it finnaly passed to the customer.
| Is This Answer Correct ? | 54 Yes | 4 No |
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what is city commodity tax
Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!
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