41⟩ If we are not able to issue F form and Goods transfer treat as deeded sale and want to paid taxes on that sale. but local tax rate is Zero. in above situation I can transfer of goods without F Form and Without paying any tax?
Indirect Tax : CST
Assistant Manager Tax
Home Management Assistant Manager Tax
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55 Assistant Manager Tax Questions And Answers
42⟩ Explain taxation?
Taxation is a mean by which governments finance their expenditure by imposing charges on citizens and corporate entities.
43⟩ What is a property taxation?
The levy and collection of property tax on lands and buildings. Property taxation is levied on lands and buildings declared as rating areas by the government. Property Taxation is one of the major taxes collected by the department.
44⟩ Explain Sale in Transit Transaction and what are the forms issued and get form parties?
X Co.in Maharastra place order to Y Co in Kerala for a
material and Y Co.in Kerala Place order for that material
to Z Co. in Chennai and inform to supply directly to X in
Maharashtra .Here X is purchaser of Y and Y is the
purchaser of Z and Y asking Z to give the ownersp of
material to X insted of Y.Thais is sale in transit.Here
Consiner is Z and Consinee is X.Here other than C form
there is E-i and E-11 form also.Y purchaser of Z will give
C form to Z in exchange of E-1 and Y the seller of X will
get C form from X the purchaser.if X sells that matrl to A
in Maharashtra and give A E-II form and should charge 0%
tax.this is to avoid double taxation.
45⟩ What is effect of accounting taxation?
Effects on accounting taxation is the appropriation of income taxes during the time the taxes incurred instead of when the taxes need to be paid.
46⟩ What government use taxation for?
Governments use taxation to encourage or discourage certain economic decisions. For example, reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity, and generates more jobs.
47⟩ Where we show brought forwarded losses in the Balance Sheet?
Brought forward loss is shown as adjustments under Capital Account and is shown Liability side of Balance Sheet.
48⟩ Excisable material sold without charging excise duty, Now after 3 months, I am issuing Supplementary bill to party for Excise payment, now please tell me the interest need to pay for this and also is there need to pay interest if i have sufficient amount of cenvate credit balance in these 3 months?
For this you have to pay interest for three month @ 18%.
49⟩ Can you please explain the difference between Sales Tax and VAT?
Sales tax, as compared to VAT is the percentage of revenue imposed on the retail sale of goods. Unlike VAT, sales tax is levied on the total value of goods and services purchased.
50⟩ What is taxation without representation?
The taxation without representation refers to the inhabitants of the colonies being taxed by the government despite not having a representative government official to express the views of the citizens of the colonies.
51⟩ What is hotel taxation?
Assessment for hotel tax is made during every financial year on the basis of return documents filed, inspection carried by the field staff and after giving the representative of the hotel an opportunity of being heard. Assessment order is issued and demand is raised in demand register.
52⟩ What are long term capital gains?
A long-term capital gain is the profit that arises with the sale of an asset that has been on hold for a definite period. This period ranges from one year to three years across different asset classes.
53⟩ What is tax audit?
A tax audit is assessment of an organization's or individual's tax return by Internal Revenue Service (IRS) in order to find out that the income and deductions are recorded accurately.
54⟩ What is deferred tax?
A tax liability that a company has to pay but does not pay at that current point and it will be responsible for paying it in future is termed a deferred tax. Deferred tax occurs due to the difference in a company's balance sheet, due to the differences between accounting practices and tax regulations.
55⟩ What is Fringe Benefit Tax?
FBT stands for Fringe Benefit Tax which is a tax that an employer has to pay in respect of the benefits that are given to his/her employees.
Fringe benefits is something that an employer provides to his employees in addition to the cash salary. Fringe Benefit Tax is payable in lieu of the value of fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year.
