We calculate TAx for Our Vendors/Customers when the transaction is completed R

We calculate TAx for Our Vendors/Customers when the
transaction is completed Right.
Then y can't we calculate Tax(If the year ends) When the
Partial payment is done i.e DownPayment/Received. Please
Reply.

Question Posted / nagarjuna reddy

2 Answers
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We calculate TAx for Our Vendors/Customers when the transaction is completed Right. Then y can�..

Answer / choudary

All ways Tax liability will create on Inovice
(Purchase/Sale). Input Tax / Output Tax is no way related
to the advance payments.

Hence in this case Tax will be calculated on Invoice amt
and Advance payment will be adjusted against invoice during
the special periods and transaction will be completed
during the financial year only.

Any clarification further please mail.

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We calculate TAx for Our Vendors/Customers when the transaction is completed Right. Then y can�..

Answer / rkkantheti

we can calculate tax on partial payment also but it is not
clear to understand because the amount of tax will be
seperated till the transaction completed (payment/receipt
depends on payment terms ) to avoid this confusion we
calculate tax when the transaction completed

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