URD PURCHASES
This query is : Resolved
05 January 2009
A DEALER PURCHASES THE GOODS FROM UNREGISTERES DEALER IN A PARTICULAR MONTH FOR Rs.10000,AND IN THE SAME MONTH HE SOLD ALL THE PURCHASES MADE FROM URD @ RS. 12000, GOODS CARRY A TAXABLE RATE OF 4%.DO LET ME KNOW HOW TO ACCOUTN IN THE MONTH RETURN AND WHAT WOULD BE THE TAX LIABILITY FOR THAT MONTH?
05 January 2009
your purchase is urd so you are liable to pay tax on sales if your sales are inclusive of all taxes then you will calculate reversed working & show urd purchase & pay tax @4% tax
05 January 2009
avail credit of URD purchases and show as payable. thus, no liability for the same would arise..
16 January 2009
firstly pay the tax on urd purchases and then take the credit for utilisation
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