can previous year be greater than a period of 12 months??

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can previous year be greater than a period of 12 months??..

Answer / ravi chandel

yes

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can previous year be greater than a period of 12 months??..

Answer / abhishek

I think in Income tax Act it can't be greater than 12
months but in Companies act it can be.

Is This Answer Correct ?    2 Yes 0 No

can previous year be greater than a period of 12 months??..

Answer / krishnakishore

No.

Is This Answer Correct ?    1 Yes 1 No

can previous year be greater than a period of 12 months??..

Answer / jubeda

Yes

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can previous year be greater than a period of 12 months??..

Answer / sivakami

yes

Is This Answer Correct ?    0 Yes 0 No

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Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!

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