1⟩ Explain the rate of vat in raj?
13.5%
Assistant Manager Tax
Home Management Assistant Manager Tax
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55 Assistant Manager Tax Questions And Answers
2⟩ Suppose if A is purchased Excise Duty paid goods i.e. H.R.Sheet. He want to sell the same as vat bill without excise. It can be possible?
Yes it is possible. but that incoming excise invoice not take credit our RG23 A PATR II & not mentioned in rg23 a part i also.
we are ganerate commercial bill without excise duty.
3⟩ Explain er1?
Meaning of Er1 is - Excise Return 1
this form submit in mfg unit every 10th next month last month all details mentioned in form as like Finished goods opening, mfg, clearance, closing, sale value excise duty, payable duty, credt details, closing bal. total details mentioned in form submit to excise office.
4⟩ Explain LST Number?
LST Number means Local Sale Tax.
5⟩ Suppose If my salary is 21855 per month for financial year April 2011 - march 2012 what tax will be deduct?
Monthly salary = 21855
annual salary = 21855*12 = 262260/-
as per India TDS rule on TDS will be deducted on annual salary
=>180000
so total annual salary 262260-180000 = 82260/-
TDS 82260*10.3% = 8472.78/-
and per month = 706/-
6⟩ Explain the basic and additional conditions for Resident and ordinarily resident (ROR)?
The basic conditions for being resident and ordinarily resident is the same condition that satisfies the residential status of an individual and additional conditions for Resident and ordinarily resident in country in a given previous year are mentioned below:
☛ If you are resident in country in at least 9 out of 10 previous years as per the basic conditions that satisfies the residential status of an individual preceding the relevant previous year.
☛ If you are in country for a period of at least 730 days during 7 years preceding the relevant previous year.
☛ An individual or HUF becomes ROR in country if the individual fulfills at least one of the basic conditions that satisfies the residential status of an individual both the additional conditions.
7⟩ Would you conclude the residential status of an individual?
As per the provisions of Income Tax Act residential status of an individual is categorized as Resident and Non Resident. Under Section 6(1), an individual is said to be resident in country in any previous year if he satisfies any one of the following basic conditions:
☛ He is in country in the previous year for a period of at least 182 days or,
☛ He is in country for a period of at least 60 days during the relevant previous year and at least 365 days during the four years preceding that previous year.
☛ The above provisions are applicable only to those who are residents of country irrespective of their nationality otherwise they are included in Non resident.
8⟩ What is the difference between country income and foreign income?
The difference between country income and foreign income as:
☛ Country's income is always taxable in India in accordance with the residential status of the taxpayer.
☛ Country's income is categorized as:
☛ Income received or deemed to be received in country during previous year and simultaneously accrual income or deemed accrual in country during previous year.
☛ Income received or deemed to be received in country during the previous year but it accrues outside country during the previous year or Income received outside country during the previous year but accrues in country during the previous year.
9⟩ Explain professional Taxation?
Professional taxation, also known as an occupation taxation or a professional privilege taxation, is a taxation that a professional must pay to receive the right to practice a professional service. Professional taxation regime produces manually prepared taxation challans for business entities on annual basis. Criteria for calculating professional taxation is fixed, depending upon number of directors, employees and paid-up capital and annual turnover of establishment.
10⟩ Explain tax liability of an individual get affected due to his residential status?
Tax liability of an individual does gets affected due to his residential status as per Section % of the Income Tax Act 1961 and is also dependent on place and time of accrual or receipt of income.
11⟩ Who is an assessee?
An Assessee is a person who is liable to pay tax or any other sum of money under the Act. It includes:
☛ Every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the income of any other person in respect of whom he is assessable, or of the loss sustained by him or by such other person or of the amount of refund due to him or to such other person.
☛ Every person who is deemed to be an assessee under any provision of this Act.
☛ Every person who is deemed to be an assessee in default under any provision of this Act.
12⟩ Tell me names of heads under total income?
There are five heads under total income which are given below:
☛ Income from Salaries.
☛ Income from house property.
☛ Profits and gains of business or profession.
☛ Capital gains.
☛ Income from other sources.
13⟩ What is total income?
Total income is the amount on which the Income Tax is paid. Total income include all income that accrue, arise, earned or received. Total Income is the total amount earned by an individual or organization, including income from employment or providing services, revenue from sales, payments from pension plans, income from dividends or other sources. Total income is generally calculated for the assessment of taxes, evaluating the net worth of a company or determining an individual or organization's ability to make payments on a debt.
14⟩ Explain motor registration fee and taxation?
Motor vehicle Tax is levied on every motor vehicle registered in any district with registration fee. Vehicle registration involves the recording of a motor vehicle in the official records after due verification. Vehicle registration is mandatory/compulsory under the law and is essential to prove the ownership of a vehicle. It is also required during the sale of a vehicle and transfer of its ownership.
15⟩ What is considered as accrued income?
Income which has been earned but not yet received is known as accrued income. Income is recorded in the same accounting period in which it is earned rather than in the subsequent period in which it will be received.
16⟩ Who is resident but not ordinary resident?
A resident but not ordinary resident is the one who is not the resident in country for 9 out of the 10 preceding previous years or he has during the 7 preceding years been in country for a period of or period amounting to 729 days or less.
17⟩ Define the term person under taxation?
A person means an individual, an ordinary partnership, a non-juristic body of person and an undivided estate. The term person under the Income Tax Act includes an individual, a Hindu Undivided Family, a Company, a Firm, an Association of Persons, a Local Authority and Artificial Juridical persons.
18⟩ What rate firms are required to pay tax at?
Income Tax is paid at 30% of taxable income. Surcharge is charged at 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable) and Education Cess is 3% of the total of Income Tax and Surcharge.
19⟩ Explain financial year?
A twelve month period starting from 1 April and ending at 31 March which is used for calculating various annual financial statements in businesses and organization is known as financial year.
20⟩ Tell me about previous year?
Previous year is the year in which the income earned becomes taxable in the following assessment year. It can be stated as the Financial year preceding the Assessment year. For example- If the present assessment year is 2015-16 then the previous year will be 2014-2015.
