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+--- Thread: I need your help.......... (/thread-i-need-your-help)
I need your help.......... - Imran - 02-16-2004
Plz solve this Q or tell me how to solve it... Thanks
Q.4 Compute the projected advance tax liability and net advance tax payable in
respect of ABC Limited a public company, for the quarter ended September
30, 2003.
The data of turnover and tax liability assessed in respect of the latest
assessed tax year is as follows
Rs.
(i) Gross sales (including sale of imported goods and export
sales)
20,000,000
Sales of imported goods 2,000,000
Export sales 3,000,000
Agency commission 1,000,000
Sale of fixed assets 200,000
Dividend income 1,000,000
Miscellaneous income 1,500,000
(ii) Gross Tax Liability 1,200,000
Tax on export sales 30,000
Tax on Import of goods 108,000
Tax on dividend income 50,000
The projected turnover and taxes expected to be withheld at source are as
follows-
All figures are for the quarter ended September 30, 2003
(i) Gross sales 5,000,000
Sale of imported goods 500,000
Export sales 1,000,000
Dividend income Nil
Miscellaneous income 500,000
(ii) Tax collection/deduction
- Under section 148 â on goods imported for sale
- Under section 153 â on sale of imported goods
- Under section 154 â on export sale
24,000
95,000
10,000
(10)
Also tell me how to treat exgratia payment for gratuty while calculating the taxable income
With regards
imran