25 January 2013
(b) Dealers with annual tax liability of rupees twenty thousand and above but below rupees forty crore for the year preceding to the current assessment year. :- shall pay tax Monthly within 14 days from the closing of each month.
Question is..what does "annual tax liability" or "annual tax payable" meanse???
25 January 2013
total output tax as reported in form 10a will be counted as annual tax liablity, it includes cash payment of tax and paid by input credit, if such some exceed 20 k in prvs year, than in current year assesse would be liable to pay tax on monthly basis
02 February 2013
but ..if the meaning is that than ...why the word "annual output tax" is not used ? and isn't it too small that if a person's sale in the previous year is Rs.150000/- of 14 % vat ...than he shall pay monthly tax in the current financial year..!!
CAclubindia
