Answer / mohd majid khan

Hello all can anybody clear about this transaction b coz
somebody said have to calculate on one transaction and some
said on both so which one is correct. please say something
more.......
Thanks
Majid

Answer / vicky pruthi

the tax will be calculated on the invoice that is
completely post in the system.the transaction of 100000 is
completely seetle in last financial year so tax is
calculated on it.but down payment is the liability of the
company that is received from coustomer and tax will not be
calculate on the liabilty but when this invoice is settle
than tha tax will be calculate and if this down payment
settle inthe next financil year than the tax will calculate
in the next year posting invoice.

Answer / imran m

As we have made the transaction of Rs.1,00,000... but the
payment is made in the fiscal year is Rs.50,000.. Only so,
we will calculate tax for Rs.50,000.. in fiscal year & the
next year after remmetting the balance amount of
Rs.50,000.. then we will calculte tax on the balance not on
Rs1,00,000.. i,e. only for Rs.50,000......

Answer / nagarjuna reddy

Rajesh
Can u answer this question I have a doubt in this one
also.

Answer / g.muralidhar

All ways Tax liability will create on Inovice
(Purchase/Sale). Input Tax / Output Tax is no way related
to the advance payments.

Hence in this case Tax will be calculated on Invoice amt
and Advance payment will be adjusted against invoice during
the special periods and transaction will be completed
during the financial year only.

Any clarification further please mail.

Answer / monu

If iam not wrong, Ur questions was that U have made a
Transaction Worth Rs.1,00,000, for this u have to deduct
Tax OK. then u made made a down Payment worth Rs.50,000. But
u have not specified whether that down payment is against
the Invoice or not, As per my knowledge it was not against
any specific invoice. So we will deduct Tax on advance also.
So at end of the year we will calculate Tax on Both the
transaction. And next year we will not calculate Tax
particular on this transactions.

Answer / reddy

The advance is for that particular invoice only.
If we deduct tax on that particular invoice,later we will
calculate tax on that invoice also then it will b a bouble
taxation. Am i clear with this .
So what i was thinking is that we will calculate tax only
in the next year since the Transaction is completed in the
next year only.

If i am worng plz correct me.

Answer / sireesha

here tax invoice raised .so when ever tax invoice raise tax
amount also come into consideration .it is not depend on
the down payment.but when ever ur taking inp[ut tax that
time u have to deduct upto the payment exemption.

Answer / chinna

the tax calculation will be to the next year,because we
received downpayment and service will be given next year so
tax belongs to next year,it comes to next financial year
balance sheet

How does the system identify a posting period?

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