I bought a machinery for Rs 5 Lks b4 4 yrs. I am selling it in a minute for 2 Lak, whether i call for to pay cheque any excise?
I already payed sales tax when i bought the domestic device. But my TNGST also expired since one yr b4 for the product which i can produce using that m/c. so what can i do now.
Answers:
Since the sale price is less than purchase price it will not attract property gains under Income Tax.
You can be liable to settle VAT refer to VAT Schedule of Tamil Nadu on the link below:
http://allindiantaxes.com/vat-tamil-nadu…
Further, if you have availed Credit of Central Excise duty compensated you will be liable to reverse the credit on sale price or as provided under CENVAT Credit Rules on the connection below:
http://www.allindiantaxes.com/central-ex… Source(s): www.allindiantaxes.com
Dear Friend,
First of all, it depends on the type of machinery.
Nextly contained by your books, how have you provided for the depreciation of the item and what is the present Written Down Value (WDV) of the item.
If the selling price is less than the WDV of the item, after there is no tax incidence. But if it highly developed then you have to pay packet tax on the difference between the sale price and the WDV of the item.
Thirdly, you may please consult an expert and find out on the applicability of VAT on like. Also check if the VAT paid can be reduced from the proceeds (i.e. difference between the sale price and the WDV of the item)
Further, if you have availed any benefit of excise or duty (as applicable) e.g. Credit of Central Excise duty then you will be liable to reverse the credit on sale price or as provided underneath CENVAT Credit Rules.
Suggest for more clarification on the subject you may visit
www.allindiantaxes.com
or the websites of the respective departments and know more about equal.
Hope I have been competent to clarify...
Regards
Answer is depends up on the nature of the apparatus and rate of depreciation present WDV value if ur sale price is more than WDV u enjoy to pay tax depends up on your income compare beside taxable limits.
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Answers:
Since the sale price is less than purchase price it will not attract property gains under Income Tax.
You can be liable to settle VAT refer to VAT Schedule of Tamil Nadu on the link below:
http://allindiantaxes.com/vat-tamil-nadu…
Further, if you have availed Credit of Central Excise duty compensated you will be liable to reverse the credit on sale price or as provided under CENVAT Credit Rules on the connection below:
http://www.allindiantaxes.com/central-ex… Source(s): www.allindiantaxes.com
Dear Friend,
First of all, it depends on the type of machinery.
Nextly contained by your books, how have you provided for the depreciation of the item and what is the present Written Down Value (WDV) of the item.
If the selling price is less than the WDV of the item, after there is no tax incidence. But if it highly developed then you have to pay packet tax on the difference between the sale price and the WDV of the item.
Thirdly, you may please consult an expert and find out on the applicability of VAT on like. Also check if the VAT paid can be reduced from the proceeds (i.e. difference between the sale price and the WDV of the item)
Further, if you have availed any benefit of excise or duty (as applicable) e.g. Credit of Central Excise duty then you will be liable to reverse the credit on sale price or as provided underneath CENVAT Credit Rules.
Suggest for more clarification on the subject you may visit
www.allindiantaxes.com
or the websites of the respective departments and know more about equal.
Hope I have been competent to clarify...
Regards
Answer is depends up on the nature of the apparatus and rate of depreciation present WDV value if ur sale price is more than WDV u enjoy to pay tax depends up on your income compare beside taxable limits.
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