Turnover tax

[Khaqan]

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.

[hshamsi]

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