Provisional collection of taxes act,1931
This query is : Resolved
07 March 2016
what is the purpose & how it is applied? Please explain with few examples....its not part of ca syllabus but I found it interesting I read it in Excise Chapter but not able to understand...
07 March 2016
Dear
As the name suggest it deals with collection of taxes but on provisional basis.
As you know the finance bill 2016, has levied excise duty on jewellery and textile goods. And it is applicable from the 01/03/2016.
As the finance bill has to be passed through both the houses of parliament to become an act. It takeS me.
Here comes in play the provisional collection of taxes act. It gives power to collect taxes even before the finance bill to become act.
This the purpose of this act.
As the name suggest it deals with collection of taxes but on provisional basis.
As you know the finance bill 2016, has levied excise duty on jewellery and textile goods. And it is applicable from the 01/03/2016.
As the finance bill has to be passed through both the houses of parliament to become an act. It takeS me.
Here comes in play the provisional collection of taxes act. It gives power to collect taxes even before the finance bill to become act.
This the purpose of this act.
07 March 2016
Thanks u...
I think it will be applicable only for indirect taxes..is it?
07 March 2016
Thanks u....
I think it is applicable for Indirect Taxes only ...is It?
11 March 2016
It is applicable only for Customs and Excise and service tax is not covered
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
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
