About

I am a qualified Chartered Accountant in practice for the past 4 years from Bangalore. This blog is about taxes and corporate law.  Please obtain an opinion from your Chartered Accountant before taking any decision based on the content posted in the blog. In case of any suggestions please write to me mrpraveen@live.com

 

 

 

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6 thoughts on “About

  1. Good details for beginners
    I want to know, whether VAT registration is required, if my sale is below 10 lac, as per amendment 2015
    also want to know tax regulations if I start online sale business

    1. VAT rules are as per state to state. IN Karnataka no need to register if the turnover is less than Rs.10 Lakhs. In case you are starting online sales business, you can register for VAT in your state. You need to pay income tax as usual on the profit generated during the year.

      1. Regarding Value added Tax-In PL account my clients total purchase is 60 laks and his sales is 40 lakhs (he has stock also say Rs.20 lakhs ).
        whether he is liable for audit(audit limit is 60 lakh of total turnover)..?because “Turnover” means the aggregate amount for which goods are either “bought” or sold(definition is same in many state VAT Acts),…… and in this case his turnover is 60+50=100 lakhs. is it correct..?pls explain.

        If he is not liable(ie turn over took as 40 Lakhs) please tell me what is the meaning of word “bought” in the definition..

        and whether purchase of goods bought would be considered as turnover in any other context along with sales .
        Please help me with any case law if there..Definition of turnover is same with some other state VAT Act also.

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