S. Tax - Qs

Question 1

Steps

Answer 1

1. Prepare Input
   
   1. Identify claimabale, like from registered only
   2. deduct return as per days restriction (180D)
   3. Identify common (residual) & specific I/P
   4. Apportion residual I/P
      
      1. Reg+Unreg Together total
      2. export
      3. exempt
   5. sales return are not deducted from sales for apportionment while purchase return is excluded brfore apportionment ( as return was apportioned in the month it was purchased)
   6. Check eligibility (exemption for 90% restriction) to other than fixed assets including;
      
      1. ​​​Current period other than fixed assets
      2. Plus
      3. Previous period’s c/f other than fixed assets
2. Calculate O/P on total (Reg+Unreg)
3. Calculte liability OP-IP
4. Calculate and add further tax
5. Refundable
6. St payable w/return
   
   1. OP-IP
   2. W/H deducted
7. W/H sales tax will be taken on all purchases (whether from registered or unregistered or cash payment)

Question 2

Important Points

Answer 2

1. Import & Re-export, firm export order….not required to pay tax at import stage.
2. If commercial imports (plus normal activities), assess comm. imports separate any excess, etc as excess is not refundable can be c/f only and can not be adjusted with normal activity.