U have made a Transaction Worth Rs.1,00,000..Then We made a
down Payment worth Rs.50,000..Then the FY came to an end.
When we are calculating TAX for the FY,on which amount we
will calculate TAX,do we calculate TAX for this
transaction ? .Then NEXT YEAR do we again calculate for
Rs.1,00,000.or the remaining Rs.50,000.
- 9 Answers
- 11194 Views
- IBM, I also Faced
- E-Mail Answers
Answer Posted / 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.
| Is This Answer Correct ? | 3 Yes | 2 No |
Post New Answer View All Answers
What is the legacy system migration workbench (lsmw) and when would you use it in your sap fi/co rollout?
What are the components in financial statement version? : cost center accounting
What are the organizational assignments in asset accounting?
What is iban number in sap ?
what is the implemention project in sap?
How to setup the performance base payment process?
What components of the r/e system begin the start of background jobs at the specified time?
What do you mean by operation scrap?
What do you mean by chart of accounts? What is it used for? What are its important elements?
Why do we create an internal order? : cost center accounting
Explain in simple terms what is field status and what does it control?
How do you create an asset accounting company code? : fi- asset accounting
What is short-end fiscal year?
what is the configuration steps of cash flow statement?
WHAT IS THE DIFFERENCE BETWEEN HOLD, PARKED, SAMPLE, RECURRING AND ACCRUAL/DEFFERAL? WHAT IS THE MEANING OF RECONCILIATION? WHAT PURPOSE WE DO THE RECONCILE? WHAT IS THE MEANING OF SPL GL? WHAT ARE THE CUT OVER ACTIVITIES? WHAT IS THE MEANING OF GAP ANALYSIS? PLZ EXPLAN?
