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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.
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Answer Posted / 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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