06-21-2006, 09:21 PM
Well ur liability in case of a private limited company for import of Kinnos would be 0.75% of ur gross turnover. And if all ur income is from export of kinnos, u will have to file a return of total income, showing the total income and no tax liability.
And in case of a partnership again if all ur income is from exports then the treatment as stated above.
but the difficulty arises when u have both types of revenue.i.e. from exports and inland sales
In that case the tax on ur exports will be final tax irrespective of the fact that u r a private limited company or a partnership.
and for income other than exports u will be taxed @35% if u r a private company. and if u r a partnership or an inidividual, then the tax slab will be applicable to u( i v not gone through the latest amendments, in finance act 2006 thoroughly,) u may consider the rate that is applicable to individual or AOP.
plz ask if any confusion
And in case of a partnership again if all ur income is from exports then the treatment as stated above.
but the difficulty arises when u have both types of revenue.i.e. from exports and inland sales
In that case the tax on ur exports will be final tax irrespective of the fact that u r a private limited company or a partnership.
and for income other than exports u will be taxed @35% if u r a private company. and if u r a partnership or an inidividual, then the tax slab will be applicable to u( i v not gone through the latest amendments, in finance act 2006 thoroughly,) u may consider the rate that is applicable to individual or AOP.
plz ask if any confusion
