Acccounting terms

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2009 1.Difference between tax and sale invoices
2.Accounting for VAT
3.Accounting for TDS
4.Accounting for service tax

Please explain the above concepts in detail

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

22 November 2009 First of all, Its all about Tax and Everythings are attracted and effected to eachother like VAT,TDS and Service tax.....
1) VAT is called value added tax on your Product if you purchase or sales..ok if your turnover exceeds Rs.5 Laks or you are paying VAT of Rs.10000/- in any financial year you have to take VAT Tin no. and also file its return ot CT Dept.Qtrly and Yearly.ok.its simple....VAT Accounting Depends upon your VAT Registration System i.e Lumpsump Payment (Inclusive VAT)or Input VAT Credit (Exclusive)....
2) TDS on Payment of any F.Y. of Rs.20000/- in one Payment or Payable of Rs.50000/- in any F.Y. ok
3) service tax is levy only if you are a taxable service Provider like... Advocte...Doctor...transportor etc.... for that if your total receipts in any F.Y goes to Rs.10 laks afterthan you have to charge 10.30% S.T from your Client and file Qtrly return itself. Its accounting also Exclusive TAX...