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Turnover tax
10-11-2011, 01:39 AM
Post: #1
Turnover tax
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.
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10-11-2011, 01:58 PM
Post: #2
 
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
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