what is vat?
what is excise?
what is form c & d in sales tax?
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Answer Posted / c. d mandal
Mr. Chakradhara Mandal I agreed vid u. allso some described
below;
VAT:- Vat is a value added tax which first time used in
Brazil.In Delhi Vat come into force on 1st April 2005.It
charged by a registerd dealer to register dealer on Tax
Invoice & a registerd dealer to unregister dealer on Retail
Invoice.
C-Form:- C FOrm is issed by a register dealer to a register
dealer only for againt central sales tax i.e., CST.
For example: Mr.Chakradhar Mandal is a Register in Orissa
sale to Mr.Sujit Biswal Register
in Haryana. If Mr. Chakradhar Mandal sale to Mr.Sujit
Biswal for 2%(form 1st june 2008 to
till now)than Mr.Chakradhar Mandal will recive c form from
Mr.Sujit Biswal & submit to
his sales tax assessing athority in Orissa.
| Is This Answer Correct ? | 14 Yes | 3 No |
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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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