Applicable income tax slab rate for a domestic country is:-
1) 25%, if the turnover is upto Rs. 50 Crores in the previous year; or
2) 30%, if the turnover is above Rs. 50 Crores in the previous year.
For the above purpose,how to calculate turnover, whether it is turnover inclusive of GST or turnover exclusive of GST???
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Computation of turnover of a domestic company..
Replies (24)
Turnover will be exclusive of GST...
Turn Over calculated exclusive of GST...
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
while u pass a sale entry u will be crediting sales ledger with basic amount and again crediting tax to duties and taxes ledger .. after u pass all ur sales invoice entries .. u will be finding basic amount sitting in sales and taxes in duties and taxes .. so p and l sales fig contains only basic amount.. for t/o calcn u must consider only basic that is exclusive of taxes .. hope this clarifies ur doubt.. tc
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