10-11-2011, 01:39 AM
i am working with a cement dealer, who have recently face the turnover tax problem, can anyone tell me about the detail information about turnover tax Sections,exemption limit etc.
10-11-2011, 01:39 AM
10-11-2011, 01:58 PM
khaqan
Turnover tax means minimum amount of tax company have to pay in case if its facing loss or due to application of credits/deductions.
it is 1% of turnover (turnover as defined in sec 113 of ITO, for details
refer to sec 113 of ITO)
In case whr minimum tax is greater than normal tax (i.e; 35% on profits), such tax shall be carried forward for adjustment in nxt tax yr.
regards
Turnover tax means minimum amount of tax company have to pay in case if its facing loss or due to application of credits/deductions.
it is 1% of turnover (turnover as defined in sec 113 of ITO, for details
refer to sec 113 of ITO)
In case whr minimum tax is greater than normal tax (i.e; 35% on profits), such tax shall be carried forward for adjustment in nxt tax yr.
regards