what is the tax that is levied if company crosses 1.5
crores turnover
Answer Posted / sumit
company have to pay excise duty at the applicacle rates
at that time
before that the will be consider small scale if last year
turnover is below 4 crores
if last yaer turnover is more than 4 cr
then company have to normal tax on the turnover below 1.5
cr & turnover above 1.5 cr
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In the Balance sheet of a company you see the following details, Liabilities: Provision for tax - AY 2008-09 RS 200000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 Assets: Advance Tax- AY 2008-09 RS 150000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 On 15-03-2011, the assessment order for AY2008-09 was received and the final tax liability was stated to be RS 250000. Pass the journal entry for the closing of the relevant accounts in the books for the AY 2008-09.
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