Iam a timber dealer in Karnataka purchasing timber logs from Unregistered dealers and after processing the timber logs we will sell the cut sizes and also its by products like firewood and saw dust.
Whereas saw dust is taxable @ 5.5% and cut sizes is at 14.5% and I also pay tax on URD purchases @ 14.5%. Here I am giving some example
I have utilized the above urd purchases of Rs. 6812415 fully. Now after audit sales tax authorities were restricted input tax under rule 131 of Karnataka vat act on sale of firewood of Rs. 238380 and imposed a tax Their calculation is as under
NON-DEDUCTABLE INPUT TAX= (SALES of exempt goods + non taxable transactions) X total input tax On URD Purchases
TOTAL SALES (INCLUDING NON – TAXABLE TRANSACTION)
=(238380+0) x 987800 = 25410.00
9266954
Whether the sales tax authorities are correct or not, please clarify
I Have following questions for one of my client:
1.Mr.A, resident of Australia wants to start business in India, then what is the procedure he should follow with respect to business registration, tax, business set up etc.
if he has business visa?
2.How he will be taxed in India?
3.If he start his business with Indian resident then what is the impact?
4.Whether it will be considered as FDI?
Please do reply ASAP!!!!!
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URGENT.................
Dear sir
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Dear Sir,
I would to ask, we have pvt ltd. co,our two employees have joined our org. i.e far away from here 400 km. Now, They ask for Transportation from there to here.
Whether it is taxable or not.
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Whether the LIC Policy matured amount received is taxable when the premium amount paid in past towards for that LIC policy which is matured and got deducted u/s80C.
At what rate tax is to be withheld for online services rendered by German company to Indian Company for FY 2013-14?
We have purchased a machine from non-excisable unit in Rs 4.7 Lacs in Nov-2012. Now, today we want to sale the same in Rs. 5.1 Lacs. We, excisable & manufacturing unit. Should we impose excise duty @ 12.36% on this transaction?
please advise.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
Input restriction under rule 131