Interested to Buy Any Domain ? << Click Here >> for more details...
Beginning Balance, Dec. 31, 20xx
Creditable Income Tax 211,829.00
Income Tax Payable (132,808.00) >
Balance 79,021.00
ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx
Normal Tax (30% of Taxable Income) 2,205.02
MCIT (2% of Gross Income) 7,865.71
Aggregate Income Tax Due
(Normal Tax vs. MCIT whichever is hihger) 7,865.71
Less: Tax Credits/Payments
Prior Years Excess Credits 79,021.00
Creditable Tax Withheld - 79,021.00
Tax Payable, per return (71,155.29)
What should be the entry in my book to record the above transactions? Thank you!
- 0 Answers
- 1587 Views
- I also Faced
- E-Mail Answers
No Answer is Posted For this Question
Be the First to Post Answer
What is mean by FBT (Fringe Benfit Tax)? How to calculate this?
What r the foll tax deductions for :- 1.TDS 2.WCT Give me answers in detail & give me some addtional info on these topics which would be helpful for me.
what r the heads of taxation
i am working as an accountant. i forgot to deduct the TDS of one employee in year 2010-11 of Rs.1141/-. Now what is the procedure or solution for it?
WHAT IS VAT ON SALE OF GOLD IN RAJASTHAN
Are woollen Blankets (Rugs) taxable under CST ? Can unregistered party sell it.
what is the Difference between Compound Sales and Deemed Sales?
i am vasan , how to exampt tds .if am below 140000/-
Assume I paid an advance of Rs 50,000/- from contractor can we deduct TDS on that amount
I AM INTO AN EXPORT COMPANY MANUFACTURING GARMENTS. I AM PURCHASING AN INTERSTSTE ITEM AND PROVIDED FORM H NOT C. COULD I BE ABLE TO GET ANY EXEMPTION FROM TAXATION AND WHEATHER I HAVE TO CLOSE MY SALES TAX ACCOUNT FOR PROVIDING FORM H, AND IF AGAIN I COULD BE GET ANY EXEMPTION FROM FORM C ISSUING FOR THE SAME COMMODITY AND SAME SUPPLIER.
what are the items on which excise duty is applicable??? does it have something to do with the turnover of the manufacturing..??
what is works contract tax? if a contractor made a bill as repairs to machinary 00000000/- service tax 12.36% on 40% on basic value Vat 5% on 60% of the basic value of the bill amount how can i deduct works contract tax? please suggest me?
Audit 
