Builder

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what type of account shall be maitained and in which tax they will be liable for payment of tax,where they must be registered.
Replies (3)

for a builder deemed vat is applicable as per vat laws

Service tax is applicable as per Rule 2A Valuation Rules

Excise duty not applicable since you are dealing in immoveable property

TDS will be applicable on certain Payments 

I THINKS A BUILDER SHOULD BE MAINTAIN THESE A/C 

1 VAT: FOR VAT LIABLITY AGIANST SALE OF BUILDING OR FLAT

2.SERVICE TAX : FOR SERVICE TAX LIABILTY AGAINST LABOR CONTRACTOR , OR OTHER SERVICES REVEICE

3. TAN NO : FOR DEDUCTION OF TDS AGISNT CONTRACTOR PAYMENT 

4. EXCISE DUTY : IF YOU ARE  MANUFACTURERE 

5. PAN NO : FOR PAYMENT OF INCOME TAX 

6 EPF NO : IF YOU HAVE MORE THAN 20 NOS OF EMPLOYEE 

7. ESI NO : IF YOU HAVE MORE THAN 10 NOS OF EMPLOYEE

8. CST NO : IF YOU SALE/ PURACHASE INTER STATE 

 

 

 

if builder deals in sale and purchase of land only .

if a builders purchsed a big land there after distribute in small plots after making a roads .

means they deals only in trading of land.

what type of tax will be imposed on them

 


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