DEAR SIR
my client has exempted sales and purchases from backward areas
HE HAS TO PAY VAT ON PROFIT OF EXEMPT SALES
for eg. is exempt sales are Rs. 200000 and exempt purchases are
Rs. 150000, then he has to pay vat on 50000 (2lac - 1.5lac) at 4%
Rs. 150000, then he has to pay vat on 50000 (2lac - 1.5lac) at 4%
MY QUESTION IS HOW TO AND WHERE TO SHOW THIS FIGURE OF VAT PAYABLE IN RETURN i.e. FORM NO. 231
KINDLY TAKE BELOW EXAMPLE AND ADVISE ME WHERE i.e. IN WHICH BOX I HAVE TO SHOW WHICH FIGURE
example
gross sales 500000
net 4% 200000
vat on above 8000
taxfree 92000
exempt sales 200000
PURCHASES
gross 350000
net 4% 100000
set off on above 4000
taxfree 96000
exempt purchases 150000
VAT LIABILITY
vat collected 8000
LESS : set off 4000
ADD : VAT PAYABLE ON 2000
EXEMPT PROFIT 4% ON
50000 (200000-150000)
EXEMPT PROFIT 4% ON
50000 (200000-150000)
VAT PAYABLE (8000-4000+2000) 6000
KINDLY ADVICE ME HOW TO FILL ABOVE FIGURES IN FORM NO 231
THANKS A LOT
regards
aniruddha rathi
aniruddha.rathi @ gmail / rediffmail / hotmail . com
9423575556
thanks again
Attached File : 52 query.txt downloaded: 104 times
CAclubindia
