All areas of taxation : Personal Tax, Corporate Tax. | Suggesting legal structure of business entities. | Transactional advisory - optimal deal structure | T
| R.10 Determination of turnover of sale in cases of transfer of right to use any goods U.P. VAT RULES | |
|
R.10 Determination of turnover of sale in cases of transfer of right to use any goods
The tax on the turnover of sale where such sale of any taxable goods is effected by way of transfer of right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration shall be computed on xxx taxable turnover. For the purpose of determining the taxable turnover of xxx sale of such goods, the amounts specified below shall be deducted if they are included in the gross turnover-
(a) the amount representing the amount receivable in respect of transfer of right to use any exempt goods;
(b) amount receivable as penalty for defaults in payments or as damages or any loss caused to the goods by the person to whom such transfer was made;
(c) amount receivable in respect of transfer, delivery or supply of goods under the contract or agreement of transfer of right to use goods for any purpose where such transfer, by the lessor to the lessee, is made as a result of a sale–
(i) in the course of inter-state trade or commerce; or
(ii) outside the State; or
(iii) in the course of export of the goods out of the territory of India or in the course of import of goods into the territory of India.
Explanation: Where under an agreement of transfer of right to use any goods, such right is exercised in more than one assessment year, for the purpose of computing turnover for any assessment year subsequent to the assessment year in which actual date of transfer of right to use such goods falls, it shall be deemed that transfer of right to use such goods, for any such subsequent assessment year, has been affected on the first day of each such subsequent assessment year.
|
|
What We Do
Our Services
Indirect Taxes
Advising client on establishment of indirect tax management system, in all areas i.e. GST Audit, Customs, Foreign Trade P
Auditing and Assurance Service
We are blessed with team of qualified chartered accountants highly efficient in auditing and assurance services. Our wide range of services are aimed for financial sta
Accounting Services
We offer highly efficient accounting services which are provided by us for our local, national and international clients. We also offer design, implementation and revi
Societies and Trust Consultanc
We are engaged in providing societies and trust consultancy to our clients. Our wide range of services include formation, registration U/s
Company Law Matters Consultanc
Every company according to the India law need to register with the registrar of companies and it is also necessary with documents for vari
CONSULTATION
Client Login
CONSULTATION
ASK A QUERY
