A company manufactured and sold 100 cars in the financial year 2018-19. The selling price of each car is ₹ 2,00,000. Excise duty and VAT are charged separately on the said car.
Calculate the excise duty payable from the following information:
(i) The company purchased raw material for ` 8,00,00,000 on which basic excise duty of ` 1,00,00,000 was paid.
(ii) The company purchased capital goods worth ₹ 10,00,00,000 in this financial year which included basic excise duty of ₹ 1,20,00,000.
(ii) There is a basic excise duty of 12.5% on cars.
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For non-resident individual, irrespective of the age, the basic exemption limit is Rs. 2,50,000. Further, a non-resident individual cannot adjust the basic exemption limit against LTCG covered under section 112. In other words, Mr. Gagan can adjust the pension income against the basic exemption limit but the remaining exemption limit cannot be adjusted against LTCG on sale of land.
The basic exemption limit in this case is Rs. 2,50,000, and the same will be adjusted against pension income of Rs. 60,000. The balance limit of Rs. 1,90,000 (i.e., Rs. 2,50,000 less Rs. 60,000)
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