In 2008 Siva ltd had taxable profits of Rs 120,000. In the previous year (2007) income tax on 2007 profits had been estimated as Rs 30,000. Required: Calculate tax payable
and the charge for 2008 if the tax due on 2007 profits was subsequently agreed with the tax authorities as:
− Rs 35,000; or
− Rs 25,000.
Any under or over payments are not settled until the following year's tax payment is due (tax rate 30%)
Calculate tax payable?
- Posted:
- 3+ months ago by 2020bad395
- Topics:
- year, 2007, year s, 2008, tax, years, income tax, profit
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