ok yogesh can u explain me point by point the point of taxation
Madhavi
(CA - FINAL)
(1342 Points)
Replied 18 September 2012
ok yogesh can u explain me point by point the point of taxation
Yogita
(Partner)
(434 Points)
Replied 18 September 2012
Date for Filing of S T Returns : Rtrns to be filed in Form ST 3 & its Half yearly Immaterial of the category of the assessee. Due dates for Filing of Returns are 25th Oct for Hly Year ended 30th Sept & 25th April for Hlf Year ended 31st March
Jeril Satheesh
(PRACTICING CHARTERED ACCOUNTANT)
(60 Points)
Replied 18 September 2012
Yogita
(Partner)
(434 Points)
Replied 18 September 2012
OK What exactly you need to know in POT Rules 2011
Also Madhavi you dont have to read anything about the 32 services ( See sec 65 ) you will be clear. dont do any services
Madhavi
(CA - FINAL)
(1342 Points)
Replied 18 September 2012
Point of taxation Rules:
1. The POT was introduced w.e.f 01.04.2011. However, the rules provides for an option to continue receipt based taxation upto 30.06.11.
POT is
a. the time when the invoice for service provided or to be provided is issued. However if invoice is not iseud within 14 days of the completion of the provision of service POT shall be the date of such completion. pl expain this point in detail
Madhavi
(CA - FINAL)
(1342 Points)
Replied 18 September 2012
How to remember the POT pl explain point by point for remembering
Yogita
(Partner)
(434 Points)
Replied 18 September 2012
Hey madhavi check there is an amendment in March 2012, the Provision states that the period of 14 days is amended to 30 days & that too fon non Banking & financial services. where for this type of asseesses the Period for raising of bill is 45 days
Madhavi
(CA - FINAL)
(1342 Points)
Replied 18 September 2012
i have not seen any ammendment in supplementary.
Yogita
(Partner)
(434 Points)
Replied 18 September 2012
just check the RTP Nov 2012 Page 131End of the Page & Page 130 Point 2 Amendment to Rule 3
Prashanth
(Chartered Accountant)
(2322 Points)
Replied 18 September 2012
Hello,
Find attached uummary of IDT case laws of May,2012...It is good
Madhavi
(CA - FINAL)
(1342 Points)
Replied 18 September 2012
ok i will check but pl tell me essence of POT in your general language
Madhavi
(CA - FINAL)
(1342 Points)
Replied 18 September 2012
ya i have seen the amendment in RTP thank you
Yogita
(Partner)
(434 Points)
Replied 18 September 2012
Invoice to be raised in the given time span, if not raised then the date on which service is provided will be deemed as the date when the Tax liability will be established as Payable. & if Bill raised within the scheduled time limit then the date of Invoice will be considered as Date of Providing of Services for arriving the due date of Payment of ST. ( E.g : you provide the services on 18th Sept 2012 & if you raise your Inv within 30 days ie by 17 Oct then your due will be 5 / 6 th Nov if Monthly or 5/6 January 2013 if Qly.) & if you dont make Inv in that 30 days then your liability will get established on 18th Sept 2012 itself & due date for payment will be 5/6 Oct 2012
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 18 September 2012
Please find the attached file for a brifieing of general rule(i.e. rule 3)
Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance
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