Methods for computing minimum tax liability

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AMAN JAIN (Querist)
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03 December 2011 A proprietor firm is engaged in water supply system work and other construction works also. so wct is applied for a water supply work part and vat on sales bill. purchase consists os material of 5%,12.5%,cst & exempt goods also. Now please suggest the method, procedure so that minimum liability occur. also provide te format of working wit provisions if possible. will be thankfull for the help.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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10 December 2011 Mr. Aman Jain,
Here there is no ...specific method to minimise the tax liability.Sales are to be charged tax at the applicable rates.In WCT exemption can be claimed on labour and establishemnt expences and the value of exempted goods included in the work.The gross profit apportioned to these exempted items also is exempt.It is always better to opt for normal method of tax payment than composite scheme, which is always higher.For normal tax payment system you have to maintain proper accounts in detail....MJK

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