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 / reddy
The advance is for that particular invoice only.
If we deduct tax on that particular invoice,later we will
calculate tax on that invoice also then it will b a bouble
taxation. Am i clear with this .
So what i was thinking is that we will calculate tax only
in the next year since the Transaction is completed in the
next year only.
If i am worng plz correct me.
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