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+--- Thread: Turnover tax (/thread-turnover-tax--10463)
Turnover tax - Khaqan - 10-11-2011
i am working with a cement dealer, who have recently face the turnover tax problem, can anyone tell me about the detail information about turnover tax Sections,exemption limit etc.
- hshamsi - 10-11-2011
khaqan
Turnover tax means minimum amount of tax company have to pay in case if its facing loss or due to application of credits/deductions.
it is 1% of turnover (turnover as defined in sec 113 of ITO, for details
refer to sec 113 of ITO)
In case whr minimum tax is greater than normal tax (i.e; 35% on profits), such tax shall be carried forward for adjustment in nxt tax yr.
regards