Disadvantages of CENVAT
Disadvantages of CENVAT Computation of exact tax content difficult: It became very difficult to know the real tax content in price of a product...
Elements of Direct and Indirect Taxes
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What is Securities Transaction Tax?
Securities Transaction Tax Transactions in equity shares, derivatives and units of equity-oriented funds entered in a recognized stock exchange attract Securities Transaction Tax at the...
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Who is Provider of Taxable Service [Rule 2 (r)]?
Provider of Taxable Service [Rule 2 (r)]: “Provider of taxable service” includes a person liable for paying service tax. Service provider can avail credit of...
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Compute the value of services rendered
A works contractor submits the following details relating to a works contract. Compute the value of services rendered. Particulars ` (a) Labour and service charges...
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What is Customs Duty?
Customs Duty The levy and the rate of customs duty in India are governed by the Customs Act 1962 and the Customs Tariff Act...
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Calculate the tax payable under MVAT Act, 2002
Mr. Vinu, a Registered Dealer of a Product covered under Schedule ‘E’ sells Goods for ` 7,50,000. The Purchase required for the product is procured...
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Which Sale & purchases are not liable to tax [Section 8]?
Sale & purchases not liable to tax [Section 8] Following sales / purchases are not liable to tax: 1. Outside the state of Maharashtra 2....
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What are the examples of fully taxable allowances?
Examples of fully taxable allowances : 1) Dearness Allowance (whether recognized or unrecognized) 2) City Compensatory Allowance 3) Overtime Allowance 4) Servant Allowance 5) Medical...
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What is Assessment Year?
ASSESSMENT YEAR [Sec. 2(9)] Definition : Sec. 2(9) of the Act defines a ‘assessment year’ as “the period of twelve months commencing on the first...
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Compute Mr. Mohla’s Total Income
Mr. Mohla, a disabled person, furnishes the following information for the assessment year 2012- 13: 1. Taxable Income from Salary 2,00,000 2. Income from House...
