Tax liability as per as-28

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Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2015 Revaluation of Fixed Assets
a) Fixed Assets debit & Capital Reserve credit.

b) Subsequent years: Depreciation debit & Capital Reserve credit to respective Fixed Asset. (AS 28).
Would there be any tax liability?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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02 February 2015 No, because actually no profits have been earned.
.
Accounting treatment to present the true and fair picture of the Statement of Affairs is different than the Profits earned as per Income Tax.
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That's why we prepare separate COMPUTATION OF INCOME to derive the TAXABLE PROFITS.
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Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2015 Will there be any effect under MAT Provisions u/s 118JB?

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2015 Will there be any effect under MAT Provisions u/s 118JB?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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02 February 2015 First of all, the correct Section is 115 JB.
.

The answer is still No.
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Please read very carefully the answer given above
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and
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refer section 115JB(iia) for clear understanding.

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Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2015 thanks for guidance sir. Section was wrongly typed.

Querist : Anonymous

Querist : Anonymous (Querist)

02 February 2015 1. Return can be revised within seven days.

2. Later than seven days to approach Assessing Officer for rectification.

3. Ascertain under whose TAN No. returns have been filed.

4. a) What is the penalty, since there is no malafide intention and no benefit has been derived by other party (i.e. the Loss to the Revenue)
b) What are consequences if other party has taken any benefit