How Tax amount is calculating , if we are doing TNVAT Return in Form i ?
TNVAT Return
Ajay s (Accounts Officer) (243 Points)
13 May 2011
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 14 May 2011
Net sales value ( excluding vat) * rate of vat = Net vat charged
less
Vat paid on purchase
= Net vat payable ( challan paid to bank )
Ajay s
(Accounts Officer)
(243 Points)
Replied 16 May 2011
Thank U Mr.Sharma
Can u Explain the VAT Payable if
Receipt 10,00000/-
Less IT 20000
LeSS WCT 20000
Net Received 960,000/-
Purchase 5,00,000/- Vat Paid 62,500/-
Pls explain?
Nizzu
(.)
(34 Points)
Replied 25 May 2011
If your purchase 5,00,000 and its under 12.5% rate of tax then (asume the GP 10%) then you total consumption is
5,00,000 add gp 10% then the total sale become 5,50,000 then tax on taxable turnover is (5,50,000 * 12.5%) is 68750
Tax payable is .......68750
less ITC 62500
less wct 20000
then next liability is (-13750)
CAclubindia
