GOVINDA
(AUDIT EXECUTIVE)
(30 Points)
Replied 29 November 2011
No, Manish. As per ICAi guidlines it should not be counted
Magesh
(Finance Officer)
(90 Points)
Replied 29 November 2011
Our construction project is going on Bangalore, Head office is in delhi,
We have purchased rs.20,00,00/- from Bangalore itself(local purchase), but the suppliers invoice raised Head office address, How we will claim the INPUT VAT
We have purchased the materials on 9.9.2011, Please look into please suggest us,and how we will
claim the input vat,
Rohit Gupta
(article)
(47 Points)
Replied 29 November 2011
i m mot able to understand ur query Magesh..
coz i think if the supplier raised bill in d name of head offyc den it wud be a cst bill??
no question of VAT..
srinivass
(CA Final)
(2466 Points)
Replied 30 November 2011
It is not counted under tax audit limit ....
Arijit Bhattacharjee
(ACA, M.COM)
(407 Points)
Replied 30 November 2011
Mr Magesh, generally a regs. co has innumerable operations in various states, thus, they obtain local TIN no in each state for operations. whatever you purchased from Bangaluru should certainly come under the ambit of local VAT, and the supplier is deemed to specify the Bangaluru "Local address"(which is mentioned for local VAT registration process) in the Bill raised to your Co.
However, he have raised a Bill in the name of H.O. at Delhi, which he can do so in either of following manner:
1) Raise a Relaxed CST Bill, against a C Form due from Delhi office OR
2) Raise a Normal CST Bill at High Rate, against which there is no needful to be done
Now, in either of case there is No possibility of any Input credit Booking because its a CST purchase, however in the second case, the material shall be more costly.
Thus, now you are suggested to check the invoice, to check CST value or Else its sure that the Invoice is a void ab initio, and hence request your supplier to raise a correct invoice, by the explanating the requisite specifications
Regards and Cheers
CS Deepa Bisht
(COMPANY SECRETARY)
(57 Points)
Replied 30 November 2011
hi all Members,
Can you please tell me that if we are earning income form outside india and we are getting payment thorugh internet(Online) then what will be the tax treatment of it?
reply as soon as possible.
Arijit Bhattacharjee
(ACA, M.COM)
(407 Points)
Replied 30 November 2011
@ DEEPA = INCOME DEEMED TO ACCRUE OR ARISE IN INDIA, IS TAXABLE IN THE HANDS OF RECEIPIENTS
So, simply disclose the source of income by classifying under suitable "heads of income " in return of income and pay Tax accordingly
Hope that helps
Cheers............
Yogesh Bhandari
(CA FINAL Student)
(429 Points)
Replied 30 November 2011
Magesh,, Its all about the movement of material,, if you can prove that the goods does not move outside the state then you can claim easily input VAT,, and normally the invoices are the second aspect for knowing that goods moved where,, but the primary aspect is transporter copy or builty.....
so, you should clarify yourself whether goods move within the state or outside the state.
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8310 Points)
Replied 30 November 2011
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Clarification regarding non-inclusion of audits conducted under sections 44AD, 44AE and 44AF in the “specified number of tax audit assignments” - (23-08-2011)
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Phalgun
(Audit Manager)
(327 Points)
Replied 30 November 2011
As per ICAI guidelines sec.44AD, AE & AF are not counted for audit puposes
varun rawlani
(CA)
(31 Points)
Replied 30 November 2011
yes , Audit under section 44 AD,44AEand 44 AF are not counted for max tax audit limit
Monali gaikwad
(CA FINAL )
(42 Points)
Replied 30 November 2011
No he is not liable to Tax Audit u/s 44AB but he is required to Audited his books of accounts as he disclosed his income less than presumtive exemption i.e below 8%
CAclubindia
