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U have made a Transaction Worth Rs.1,00,000..Then We made a
down Payment worth Rs.50,000..Then the FY came to an end.
When we are calculating TAX for the FY,on which amount we
will calculate TAX,do we calculate TAX for this
transaction ? .Then NEXT YEAR do we again calculate for
Rs.1,00,000.or the remaining Rs.50,000.
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Answer Posted / vicky pruthi
the tax will be calculated on the invoice that is
completely post in the system.the transaction of 100000 is
completely seetle in last financial year so tax is
calculated on it.but down payment is the liability of the
company that is received from coustomer and tax will not be
calculate on the liabilty but when this invoice is settle
than tha tax will be calculate and if this down payment
settle inthe next financil year than the tax will calculate
in the next year posting invoice.
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