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-   -   Which tax year for profits? (http://paymentprocessing.cc/showthread.php?t=5888)

advxc153 04-12-2011 06:40 AM

Which tax year for profits?
 
There's a question of my friend~
A simple query but he has searched for an answer to no avail...

He invoiced several customers for work to be don in the 11/12 FY at the beginning of March. Some of them have paid, others haven't. Which of the following scenarios is correct?

A) Corporation tax on profits is due based on the invoice date
B) Corporation tax on profits is due based on the payment date
C) Corporation tax on profits is due based on the financial year in which the work takes place

BTW, this is his first year running a company and will get around to appointing an accountant soon!

Many thanks

Mardo 05-03-2011 03:52 PM

It should be based on the receipt of payments done just according to the date of payment.

danial pit 05-04-2011 06:14 AM

its totally based to all peoples who pay the tax right time & pay full tax & with this if any one theft the tax so please complain the tax department .

chanel 2.55

techforums123 05-31-2011 11:55 AM

It all depends on the payments u have done and the date , if any issue you can contact Tax department.

shweta007 06-11-2011 05:40 AM

I think you should contact any CA for legal and tax of your company.

o1ing 06-23-2011 02:06 AM

Quote:

Originally Posted by Mardo (Post 20373)
It should be based on the receipt of payments done just according to the date of payment.


yes my too

Nabeel Shaukat Butt 07-10-2011 07:05 AM

It is based on Accrual basis.

sambob 07-25-2011 06:31 AM

I go with A.

jiaheshiye 08-15-2011 10:41 AM

in my opinion ,I choice Corporation tax on profits is due based on the invoice date

chouhan 08-26-2011 10:39 AM

Profits tax is payable by every company carrying on a trade, profession or business and having profits from such business mostly the year for assessment of tax is from 1 april to 31 march. the assessable profits for each year of the assessment are computed by adjusting the accounting profit or loss for the financial year ending within that year of assessment according to the tex law and regulations


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