18 June 2008
There is a specific format prescribed under section 115JB of Income tax Act.
NET PROFIT AS PER PROFIT AND LOSS ACCOUNT -Exprot Income
ADD:(WHERE THE FOLLOWING ARE DEBITED TO P&L A/C)
1. Amount of income tax paid/payable and provision thereof 2. Amounts transferred to any reserves by whatever name called 3. Provision for contingent liabilities, other than ascertained liabilities; 4. Provision for losses of subsidiaries 5. Dividends proposed or paid; 6. The amount of expenditure relatable to any income to which section 10AA, or section 11 or section 12 apply
7. Amount of depreciation charged in books of accounts
LESS (WHERE THE AMOUNTS ARE CREDITED TO P&L A/C)
1.Amount withdrawn from any reserve or provision
2.The amount of income to which provisions of Section 10AA or Section 11, or Section 12 apply
3. (i) The amount of depreciation debited to P&L account
(ii)The amount withdrawn from revaluation resereve of credited to P&L account to the extent it does not exceed the amount of Depreciation on account of Revaluation of assets .
4. The amount of loss b/f or unabsorbed depreciation whichever is less as per books of accounts 5. The amount of Profit of Sick Industrial Company
6. Income arising from the business of Development/ Maintainence of SEZ Units
Result:- BOOK PROFITS AS PER 115 JB--- XXXX 10 % OF THE BOOK PROFITS ---- XXXX SURCHARGE XXXX EDUCATION CESS XXXX TOTAL TAX LIABILITY XXXX
Kindly note that except these 13 adjustments nothing to be considered for MAT calculation.
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