INTEREST CALCULATION
This query is : Open
27 March 2010
IS THERE ANYONE WHO CAN ANSWER THE FOLLOWING QUESTIONS
1) WHAT IS THE PROCEDURE OF CARRYING OUT VAT AUDIT UNDER MVAT
2) IN A PARTICULAR MONTH SAY JUNE, THE DEALER HAS CHARGED 4% INSTEAD OF 12.5%, SO WHILE CALCULATING INTEREST WHICH PERIOD SHALL BE CONSIDERED JUNE TO MARCH OR ONE MONTH THAT IS MARCH
3) DEALER HAS CONTINUED TO CHARGE THE RATE 4% THROUGHOUT THE YEAR INSTEAD OF 12.5% AND FILED THE RETURNS ACCORDINGLY. WHETHER ALL THE RETURNS SHOULD BE REVISED OR ONLY LAST RETURN THAT IS MARCH SHOULD BE REVISED AND WHAT IS THE MANNER OF INTEREST CALCULATION.
PLEASE GIVE ALL THE INFORMATION THAT U HAVE ON THE MVAT AUDIT PROCEDURE AND MANNER IN WHICH FORM 704 IS TO BE PREPARED
1) WHAT IS THE PROCEDURE OF CARRYING OUT VAT AUDIT UNDER MVAT
2) IN A PARTICULAR MONTH SAY JUNE, THE DEALER HAS CHARGED 4% INSTEAD OF 12.5%, SO WHILE CALCULATING INTEREST WHICH PERIOD SHALL BE CONSIDERED JUNE TO MARCH OR ONE MONTH THAT IS MARCH
3) DEALER HAS CONTINUED TO CHARGE THE RATE 4% THROUGHOUT THE YEAR INSTEAD OF 12.5% AND FILED THE RETURNS ACCORDINGLY. WHETHER ALL THE RETURNS SHOULD BE REVISED OR ONLY LAST RETURN THAT IS MARCH SHOULD BE REVISED AND WHAT IS THE MANNER OF INTEREST CALCULATION.
PLEASE GIVE ALL THE INFORMATION THAT U HAVE ON THE MVAT AUDIT PROCEDURE AND MANNER IN WHICH FORM 704 IS TO BE PREPARED
CA. O.P. Agarwalla
(Expert)
17 April 2010
1) WHAT IS THE PROCEDURE OF CARRYING OUT VAT AUDIT UNDER MVAT
PLEASE REFER MVAT MANUAL ISSUED BY REGIONAL COUNCIL OF ICAI.
2) IN A PARTICULAR MONTH SAY JUNE, THE DEALER HAS CHARGED 4% INSTEAD OF 12.5%, SO WHILE CALCULATING INTEREST WHICH PERIOD SHALL BE CONSIDERED JUNE TO MARCH OR ONE MONTH THAT IS MARCH
INTEREST FROM JUNE WILL EB APPLICABLE.
3) DEALER HAS CONTINUED TO CHARGE THE RATE 4% THROUGHOUT THE YEAR INSTEAD OF 12.5% AND FILED THE RETURNS ACCORDINGLY. WHETHER ALL THE RETURNS SHOULD BE REVISED OR ONLY LAST RETURN THAT IS MARCH SHOULD BE REVISED AND WHAT IS THE MANNER OF INTEREST CALCULATION.
ALL THE RETURNS TO BE REVISED.
PLEASE REFER MVAT MANUAL ISSUED BY REGIONAL COUNCIL OF ICAI.
2) IN A PARTICULAR MONTH SAY JUNE, THE DEALER HAS CHARGED 4% INSTEAD OF 12.5%, SO WHILE CALCULATING INTEREST WHICH PERIOD SHALL BE CONSIDERED JUNE TO MARCH OR ONE MONTH THAT IS MARCH
INTEREST FROM JUNE WILL EB APPLICABLE.
3) DEALER HAS CONTINUED TO CHARGE THE RATE 4% THROUGHOUT THE YEAR INSTEAD OF 12.5% AND FILED THE RETURNS ACCORDINGLY. WHETHER ALL THE RETURNS SHOULD BE REVISED OR ONLY LAST RETURN THAT IS MARCH SHOULD BE REVISED AND WHAT IS THE MANNER OF INTEREST CALCULATION.
ALL THE RETURNS TO BE REVISED.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
