IS THERE ANYONE WHO CAN HELP ME IN CALCULATION OF <font size="6"><b>TURNOVER TAX</b></font id="size6"> OR BOOK NAME FROM WHICH I MAY CALCULATE THE TAX.
HERE TURNOVER TAX MEANS INCOME TAX
AS YOU MAY SEE I HAVE MENTIONED INCOME TAX
Turnover par income tax bhi diya jata hay oe sales tax bhi,,,
app yahan income tax ki baat kar rahy hayn ya sales tax ki?
Turnover tax is the tax which is to be calculated and paid on turnover of the company wether or no a company is making profits, while income tax is required to be paid after calcuting taxabale income if available.
TURNOVER tax is calculated on the net Sales(or other revenue)at the rate of .5% of net sales.. and the amount in excess of actual tax liability may be carried forward till next 3 years....net Sales means Gross Sales excluding GST,FED and other sales on which tax deducted at source falls under FTR ........Hope the answer of your question