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Old 04-12-2011, 06:40 AM
advxc153 advxc153 is offline
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Default 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
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Old 05-03-2011, 03:52 PM
Mardo Mardo is offline
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It should be based on the receipt of payments done just according to the date of payment.
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Old 05-04-2011, 06:14 AM
danial pit danial pit is offline
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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
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Old 05-31-2011, 11:55 AM
techforums123 techforums123 is offline
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It all depends on the payments u have done and the date , if any issue you can contact Tax department.
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Old 06-11-2011, 05:40 AM
shweta007 shweta007 is offline
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I think you should contact any CA for legal and tax of your company.
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Old 06-23-2011, 02:06 AM
o1ing o1ing is offline
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Originally Posted by Mardo View Post
It should be based on the receipt of payments done just according to the date of payment.

yes my too
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Old 07-10-2011, 07:05 AM
Nabeel Shaukat Butt Nabeel Shaukat Butt is offline
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It is based on Accrual basis.
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Old 07-25-2011, 06:31 AM
sambob sambob is offline
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I go with A.
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Old 08-15-2011, 10:41 AM
jiaheshiye jiaheshiye is offline
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in my opinion ,I choice Corporation tax on profits is due based on the invoice date
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Old 08-26-2011, 10:39 AM
chouhan chouhan is offline
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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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