Tax Clarification
This query is : Resolved
03 March 2011
Sir my client is started a small business under Vat act last year. His purchases and sales are local only. He is adjusting the input credit on purchases at vat payable. At the ending of the year his turnover does not exceed 10 Lakhs. The Assessing officer disallow the adjusted input tax and he ask to pay the entire collected tax along with penalty of 150% and give the notice that you are not eligible to adjust the input tax credit because your total turnover is less than 10 Lakhs. What is the remidy to solve this issue. They are not covered under compound rate. The tax rate for the similar product is 4%
03 March 2011
are you covered under composition scheme ???
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
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Regarding ITR filing with more value than showing in AIS/TIS
- TDS _Long term Capital Gain ref.sec 214 Table 2
- TAX AUDIT QUESTION
- ASMT-10 received from A O
- Banking Related Issue
- ITR-Capital Gain
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
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
