Need A Financial Product › Forums › Tax Savings › On what values the local body tax is payable? › On-what-values-the-local-body-tax-is-payable_REPLY

September 12, 2014 at 4:55 pm #47317
Sameer Kapoor
Participant

The local body tax provision does not provide the value on which the local body tax can be levied. Although the rule 24 of the provisions provides for the determination of tariff value of the certain goods by the commissioner. Whereas in the 25 of the provisions provides that the commissioner may determine the fair market value of the products if there are reasons to believe that the sale price or the purchase price of the product brought for sale is less than the fair market value of the product, in the specified different scenario.