Answer Posted / tax beginner

The Indian Income Tax Act contains large number of
exemptions from total income. Besides exemptions, there are
several deductions permitted from gross total income.
Further, depreciation allowable under the Income Tax Act is
not the same as required under the Companies Act. The
result of such exemptions, deductions, and other incentives
under the Income tax Act in the form of liberal rates of
depreciation is the emergence of Zero tax companies which
in spite of having high book profit are able to reduce
their taxable income to nil.

The system of minimum alternate tax has accordingly been
introduced under which a company is required to pay a
minimum tax of 7 % of the book profit in case the tax on
the total income computed under the normal provisions of
law works out to less than this amount [Sec 115JB].

So if Book Profit before Depreciation for a Construction
(Infrastructure) Company is for example Rs.7,00,000/- and
after claiming for Depreciation and other exemptions Gross
Taxable Income comes down to 1,50,000/-. The Tax works out
to be Rs.45,000/- (30%).
However MAT works out to be Rs.49,000/- (Rs.7,00,000/- @
7%). The Company has to pay the MAT of Rs.49,000/-

SELLER A : has a w/house in chennai and bangalore both and the BUYER B is based in chennai. SELLER A carries stock in both the locations. Can BUYER B buy who is based in Chennai request purchase from Bangalore through C-form .. and if so will there be any obligation on the Seller A

1610

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if am registered dealer & i am using road permit, i have to pay entry tax, which goods, I am receving in jammu

2032

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we have sale material to party and freight paid by us. This freight charged in sale invoice than what is the entry of service tax in this case.

1938

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Service tax applicable or not for Govt Guest House contract work.

2091

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How much is the VAT in UAE

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what is cenvat credit? plz tell service tax interest rate and watz it procedure...

2354

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When & how vat audit takes Place in haryana. Is Scrutiny & vat audit is same?

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Pls.tell me some website name who display practical question & answers of accounting work. like tds, service tax entry and some more. also provide important knowledge of all taxes.

2797

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What is the WCT percentage under which the amount is being deducted in Punjab. Under what Notification and dated when???????????. Serious Senor I need the answer other wise I would not have posed this question; Please send the answer to the mail address.

2650

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what is the scope of business taxation in private company?

2307

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DEFINATION OF LABOUR ACT?

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Please help me to find VAT Rates of the follwing Items in A.P 1.Fiber Glass -CSM -Roving W.R Polyster Resin G.P{general purpose)Roofing,ISO Thanks & Regards Mohan .V

1826

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The CST assessement for the FY 2006-07 is completed on 31-3- 2010 and the same is received by dealer on 22-4-10. The question is that the dealer colud not produced the original H Forms at the time time asst. except the photostat copies filed. But the CTO not allowed and calculate tax at net 4% on H Forms turnover. CTO is saying that it is time barred by 31-3-10. Therefore even after produced we can not revise. We filed with case laws that it can be revised But when it is time barred it canot be. Therefore I request You to help the dealer ANYCASE LAW is there in the above case Pl. guide us.

2187

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Which is the section or rule for non submitting c forms panelty and interest

2031

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what will be my tax if i suddenly got 800000 to 1000000 in my bank by chq from sale of an old house?

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