Composition scheme for used vehicles dealer
This query is : Resolved
11 June 2018
What will be the turnover on which tax is to be calculated under composition scheme in case of a used vehicle dealer purchasing from unregistered person and selling to unregistered person.
Will it be the sale value of vehicle or the margin(sale price-purchase price) as per rule 32(5).
Will it be the sale value of vehicle or the margin(sale price-purchase price) as per rule 32(5).
11 June 2018
YOU HAVE TO PAY TAX ON DIFFERENCE BETWEEN PURCHASE VALUE-SALE VALUE.
Message likes :
1 times
12 June 2018
Thanks for the reply
12 June 2018
But can i take aggregate of margins to calculate % of tax under composition scheme
12 June 2018
DEAR PLEASE SORRY BUT I DID NOT GET WHAT R YOU TRYING TO ASK. PLEASE CLEAR AGAIN.
12 June 2018
I am asking whether I have to pay 1% tax under composition scheme on which amount
Sale value or total margin (total sales-total purchases)
Sale value or total margin (total sales-total purchases)
12 June 2018
PAY TAX ON total sales-total purchases as per rule 32(5).
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Grand in aid
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
