on reducing balance method.[Ans. Nature of GST. 46,800, Sundrydebtors Rs. Each of them gets a salary of1.000 per annum. In different words , it is the analysis of a financial situation from taxation point of view . You can also find Nature and Scope - Service Tax, Indirect Tax Laws B Com Notes | EduRev ppt and other B Com slides as well. …, es in the ratio of 2:1 is as under:BALANCE SHEET OF A AND BLiabilitiesAssetsBills PayableCreditorsCapitalsАB30,00020,000₹ F5,000 Cash60,900 BankSundry debtorsStock50,000 PlantMachineryBuildings1,15,9002001,0009,70020,0005,00030,00050,0001,15,900They decided to admit C on the following terms:1(a) C will receive size share in the future profits and will contribute 15,000 as3capital and 6,000 as goodwill. No service tax if transaction is sale of goods –Service tax is not leviable on a transaction treated as sale of goods and subjected to levy of sales tax/VAT . The definition is different for each class of service, e.g. Nature, Scope, and Objectives of GST (Goods and Services Tax), Objectives and Functions of Financial Services, Characteristics and Importance of Financial Services, Nature, Objectives and Scope of Supply Chain Management, Receivable Management: Objectives, Importance, Nature, Scope, Performance Appraisal – Scope, Features & Objectives. Productivity: Among the most important objectives of tax planning is channelization of taxable income to various investment plans.
Thus the service tax was levied under the Finance Act 1994. Goodwill, in the case of death of a partner, is to be valued at theaverage of preceding three years' profits.
It is a tax which is levied by government on supply of goods and services. Reduction of Tax Liability: As a tax payer, you can save the maximum amount from payable tax amount by using a proper arrangement of your enterprise working as per the required laws. 55,370, Stock Rs. -Therefore, even though there’s no written law about the taxation the government can still impose taxes. Multi-stage: GST is a multi-stage tax which is levied at every point of sale of goods or services. 56/5/2003 dated 25-4-2003. By continuing, I agree that I am at least 13 years old and have read and agree to the. Section 66 of Finance Act, 1994 is the charing section of service tax. Better planning regarding income of the nation can be done and is recoreded. Excise and service tax are independent taxes– Though excise and service tax are administered by same department ,both are independent taxes. *Scope of tax planning and management : Disclosure of correct income – disclosing correct income and information about income from all the sources . out B Com lecture & lessons summary in the same course for B Com Syllabus. Taxable Service – As per section 66 of Finance Act, 1994, service tax is payable on taxable service.
20. Fee charged by government- it is a fee charged by the government on a product , income or activity. It servesas a large source of revenue for both state and central government.GST is termed as one nation-one tax as it has unified the whole taxation system. Prepare Y'sCapital Account., Discuss the relationship between kabuliwala and Mini?, Answer:IELTIUNIOn 1st January 2006 the position of a retail merchant, who has not kept falldouble entry stood, as follows:Cash in hand Rs. TAXATION 1. The said sum is agreed to be capitalised for goodwill calculation subjeto adjustment of depreciation of 10% p.a. 2,100, and Sundry creditors Rs. Legal tax planning – legal tax planning can be done effectively . The firm had taken a joint insurance policyon the lives of partners for 24,000.Y died on 31st December, 2012. (c) A reserve for doubtful debts at 5% be created on sundry debtors. Legal tax planning – legal tax planning can be done effectively .
There are five tax slabs for collecting tax under this- 0%, 5%, 12%, 18% and 28%.eval(ez_write_tag([[300,250],'commercemates_com-large-mobile-banner-1','ezslot_7',172,'0','0'])); Commerce Mates is a free resource site that presents a collection of accounting, banking, business management, economics, finance, human resource, investment, marketing, and others. You can see some Nature and Scope - Service Tax, Indirect Tax Laws B Com Notes | EduRev sample questions with examples at the bottom of this page. Though liability is on provider, the tax can be collected by him from service receiver. DEFINITION OF TAXATION It is the process by which the sovereign, through its lawmaking body, raises revenues used to defray expenses of government It is a way of the government in increasing its revenue under the authority of the law, purposely used to promote welfare and protection of its citizenry It is … You can download Free Nature and Scope - Service Tax, Indirect Tax Laws B Com Notes | EduRev pdf from EduRev by using search above.