Section 6, tnvat act
This query is : Resolved
14 August 2013
1. A TNVAT registered dealer executes Works Contract and Normal Sales also.
2. The dealer purchases certain goods from Outside State.
3. Can the dealer opt for Section 6 Valuation
If
(a) The dealer uses those goods purchased from outside State exclusively for Normal Sales.
(b) The dealer uses those goods commonly for both.
2. The dealer purchases certain goods from Outside State.
3. Can the dealer opt for Section 6 Valuation
If
(a) The dealer uses those goods purchased from outside State exclusively for Normal Sales.
(b) The dealer uses those goods commonly for both.
15 August 2013
A dealer opting for valuation u/s 6 can do normal sales also. The sold goods can be local as well as interstate purchased.Here for the purpose of Sec 6 the receipts,purchases,expenses and other accounts,with respect to such works contract has to be kept seperate.But problem arises in filing returns. Composition(u/s 6)and other receipts have to to be reported seperately....mjk
Message likes :
1 times
16 August 2013
Dear Sir,
I was given to understand that once a dealer opts for Section 6 valuation for a Financial Year, he can never opt for Section 5 valuation in the same Financial year, irrespective of the fact that he does trading also. Thus to summarise if a dealer is also doing trading he has to opt for Section 5 valuation, he cannot opt Section 5 & Section 6 partly.
I was given to understand that once a dealer opts for Section 6 valuation for a Financial Year, he can never opt for Section 5 valuation in the same Financial year, irrespective of the fact that he does trading also. Thus to summarise if a dealer is also doing trading he has to opt for Section 5 valuation, he cannot opt Section 5 & Section 6 partly.
16 August 2013
Yes, it is better to be on Sec 5 valuation only in order to avoid any complications.....mjk
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
- Traces Portal
- U/s.234E late fee- balated filing the TDS returns
- Capital Gain Incidents
- Minor Aadhar card cancelled
- Form 121 of income tax
- Unable to login
- Minor - PPF Rules Doubt
- Cheque bounce intimation letter
- Applicability of corporate governance provisions as per the SEBI LODR
- Advantages and disadvantages new income tax act 2025 question
- Capital gain property
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
