1.Why was sales tax replaced by VAT?

2.What is input tax credit?

3.Can input tax & output tax be kept separately over the financial year is it necessary to transfer to input tax credit?

Good Afternoon,

My name is Rajkumar. I have completed my MBA with finance specialtion.

I would like know the "what is the distungish between the service tax collecting 4.12% and 12.36% on 33% of invoice value.How they are measure to collect this service tax and what basis?"

So please provide your valuable answer.

A public ltd co. has 7 directors. One of the direcotr has not obtained DIN due to some problems. Is it possible to file Form 20B without having his DIN as Form 20B is pending for the last year also.
Plz ans.
Thanks a lot.

A HUF consists of a person, his wife and two sons. Father of the karta makes a gift of Rs. 2 lacs to the HUF by way of an account payee cheque. The gift recd by a HUF from the parents of the karta are taxable under the head Income from other sources. I want to know if the gift is recd in two parts i.e. on one day Rs. 50000/- and after some days Rs. 150000/- from the same person or different person then the taxable amount will be Rs. 2 lacs or a deduction or Rs. 50000 will be available.
Please guide me.
It is urgent.
Thanx

Dear Sir,

i have appeard in CPT, result vl b announce upto 15 Jan.

I just want to know the best reference book for IT/COST/FM/ACCOUNTS ...

i just want to concentrate on study material and only a singal reference book for my practice...

Dear Sir,

I have appeared for PCC exams in November 2008 ( awaiting for the results)and not sure whether i will clear it or not..My articleship period of 3 and half year will be completed in June 2010..plz advice whether i can appear in November 2010 ( Final exams) if i clear my PCC in next term i.e May 2009

suppose a co. has taken loan of $10000 at 10% interest p.a with exch.rate-$1=Rs40 on 1.1.09. exch.rate on 31.3.09-$1=Rs 45. Now what amount will be charged to P/L and what amount will be treated as borrowing cost.

A ltd. issue to invoice on account - B ltd. & consignee - C ltd. Who will issue C form & E1 to whome..

X, Karta of HUF, out of the HUF Funds an Asset of Rs. 50 lakhs each gifted to his nephew & niece on 1st Nov 2008. The coparceners of the HUF challenged the gifts and as a consequence gifts were held to be void.
Whether the asset of the amount of Rs. 1 crore is taxable as wealth of X HUF for the valuation date 31st March, 2009 or not? Who is liable to Pay Wealth Tax?

Whether a ACA can empanel on C & AG.

Passed CA in August only.