Calculation of tax liabilities

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neha mathukiya (Querist)
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17 March 2015 Dear sir,

My client has earned profit of Rs. 673567/- in F.Y. 2013-14 but due to differance in depreciation as per Book & IT Loss of Rs 722271/- is incured . The client is a Company. In F.Y. 2014-15 client has incured profit of Rs.442556/- & Depreciation as per Book & IT is RS.1000000/- & Rs.1849815/- respectively. Will you please explain how to calculate tax as per IT & Sec. 115JB?????

Thanks in Advance

Nikita Rajoria

Nikita Rajoria (Expert)
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17 March 2015 IN FY 14-15, I assume the profit you qouted to be PBT. And accordingly we will have to add back deprecition as per Companies act and deduct dep as per IT ;
(442556+1000000-1849815= (407259)
This would be as per IT.

as per Section 115JB, assuming other adjustments are made, tax would be calculated on 442556 @18.5%

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