while calculating advance tax of private limited how we handle with stock? should we take previous year actual figures or what for statutory audit. and also guide about freight import working for advance tax calculation, as this is the liability shall we consider it in our profit and loss?
. please guide ASAP
THANKS IN ADVANCE
As per my understanding for Advance taxes you should calculate your estimated income upto the due dates of advance tax & calculate the 15% tax (15/06/2015) on that income. For estimated Income you should take the actual value of stock.
Further for freight on imports is an expense & shall be considered for calculating Estimated Profit.
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