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As
per Circular read as 1st paper above as amended subsequently
certain goods were brought under the category of
goods on which advance tax has to be collected.
Accordingly advance
tax has to be collected on the estimated sale value
and as per
Circular read as 2nd paper it was decided that while
estimating
the sale value gross profit at 5% is to be considered
invariably
on all commodities.
Now
it is brought to notice that some goods will not fetch
gross
profit at the prescribed rate and so estimation of sale
value
considering GP at 5% will cause inconvenience and
blockage
of fund.
On
a review, the following instructions are issued:
While
estimating the sale value for the purpose of collecting
advance tax the gross profit element as specified
in Circular No. 53/06 need not be considered.
This
instruction will not preclude any assessing authority
in
estimating the sales turnover in the course of any
assessment
proceedings based on any materials available on
record.
All
officers will see that the above instructions are
carried out.
Commissioner
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