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 / imran m
As we have made the transaction of Rs.1,00,000... but the
payment is made in the fiscal year is Rs.50,000.. Only so,
we will calculate tax for Rs.50,000.. in fiscal year & the
next year after remmetting the balance amount of
Rs.50,000.. then we will calculte tax on the balance not on
Rs1,00,000.. i,e. only for Rs.50,000......
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