What is the difference between income year, financial year
and FBT year?
Answer Posted / naga
Income year is the year in which income was earned,
Financial year is a period of 12 months or less for which
accounts were prepared and financial reporting was done
ex:Apr 1 to Mar 31. FBT year is a period of 12 months or
less for which FBT was calculated.
Is This Answer Correct ? | 23 Yes | 8 No |
Post New Answer View All Answers
how to calculate of FBT with example & what is Rate
Explain long term capital gains and how is it different from short term capital gains?
certificate of export is for which items?
CASH SALE OF Rs. 10000/- WITH TAX. THEN WHAT SHOULD BE THE ENTRY BEHIND THIS IN BOTH SIDE SALES AND TAXATION.
how we calculate the tds on salary.
WCT charged on firm or on proprietor?
if i am running a tank lorry and the income of the tank lorry comes under haryana VAT 2003?
Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
how to filing rt-1
how will one calculate TDS when the bill is with service tax (SAY an AMC bill ) and what treatment will be there when it is a rent bill with service tax. is there any rules in income tax as to deduct double taxation?? pls help with rules sir
Are woollen Blankets (Rugs) taxable under CST ? Can unregistered party sell it.
can we do manual tds return file or r-tds is complusry? if we can do manual tds return file, where i have to go for return file. like we go to income tax department for Income tax return file in manula tds case.
is a pvt ltd. comp. can give advance against salary to his director.
The company has to pay transportation charges for transporting its materials. The company has not remitted the TDS on the same within due date. Is this expenses to be disallowed in STI. This expenses is directly considered on valuation of closing stock.
is there easy guide for the latest India tax & accounting information for 2010?