Mega Offer Avail 65% Off in CA IPCC and 50% Off in all CA CS CMA subjects.Coupon- IPCEXAM65 & EXAM50. Call: 088803-20003

CA Final Online Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

PR Choudahry's Expert Profile

Queries Replied : 47

+ View Full Profile

About me

    What kinds of questions I can and can't answer?

    My area of expertise
    INcome TAx, accounts

    My experience in the area (years):

    Organizations I belong to:

    Publications or writing which has appeared :

    Educational credentials:

    Award & Honors:

  • ashok says : Input tax credit in WCT
    I am an Interior Decorator (Making & Repairing furniture items and others). I am registered in MVat. My work involves supply of material & Labour (mostly furniture items). I charge vat @ 12.5% on new works & vat 8% on repair works. But now the problem arises on Tax Credit. I purchase @ vat 5% & 12.5%. I Sale @ vat 8% & 12.5%. I presently follow the credit system as : (1) First I reduce the total input tax(4% & 12.5%) paid on purchase from 12.5% vat sale. (2) The balance of input tax credit is reduce by 36%. Example : Tax collected on Sale @ 12.5% - Rs. 50,000/- @ 8% - 1,00,000/- Total Tax paid Purchase of 12.5% & 5% = 90,000/- Computation of tax (a)Sale tax collected on 12.5% sale – tax paid on purchase = 50,000 - 90,000 = 40000 (40,000/- tax credit to be reduced by 36% = 14,400) (b) Therefore Tax payable = 50,000 + 1,00,000 – 90,000 + 14,000 = 74,400/- Do I follow correct input tax credit system.

    I am an Interior Decorator (Making & Repairing furniture items and others). I am registered in MVat. My work involves supply of material & Labour (mostly furniture items). I used to charge vat @ 12.5% for all works but now the party refuses to pay Vat on labour. It now possible to exactly bifurcate between sale value of material and labour charged as even small repairs works involves some materials (nails, screws, handle). I am not registered in Service Tax as I am not liable. My question is : 1. How should I charge Mvat Tax? 2. Is there a standard ratio in which I should charge vat on the total Invoice value?

  • CA. ROSHAN LAL VERMA says : please tell
    tell me aby CA final coaching in Indore

  • Assessee says : TDS on Bill Discounting
    sir, if i am discounting my bill thru financer and inwhich i passes my trade(property of bill) to financer and hence the financer directly collect payment from my seller. In this process, the financer cut some amount as a bill discounting and remaining amount pay to me. so, my query is wheter i should deduct tax on charged debited to my profit and loss account under the head of 'bill discount'. in recent judgement of of Kanha Vanaspati Ltd..v.Additional Commissioner of Income-tax, Range-50, New Delhi, kindly clarify considering this judgement. the main problem is how can i deduct tax as i am not directly paying anything in form of bill discounting as the financer cut the same charges and then after giving me a remaining payment

  • Assessee says : 3CA or 3CB which applies ?
    In Gujarat, this time VAT Audit is required for those whose turnover exceeds Rs.1 crore, in that situation, we came to know that when one concern passes thru two audit under a year then it requires 3CA reports instead of 3CB under Tax Audit. Is it right ? If not , then when and where 3CA is applicable ?

Comment Please


Other CCI Experts

Queries Replied : 29651

CMA Ramesh Krishnan
Queries Replied : 26049

CMA. CS. Sanjay Gupta
Queries Replied : 24100