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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 / chinna
the tax calculation will be to the next year,because we
received downpayment and service will be given next year so
tax belongs to next year,it comes to next financial year
balance sheet
| Is This Answer Correct ? | 0 Yes | 3 No |
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