Gross Receipts - 69000.00
Less:-
1. Operating Exps.
(Depreciation - NIL) - 56005.30
2. Preliminary exps. - 10401.00
------------
Net Profit - 2593.70
------------
What will be the tax liability of the Company for A.Y. 2009-10 after considering
MAT U/s 115JB ?
Please give the details of calculation of book profit for MAT ?
Amir
(Learner)
(4016 Points)
Replied 05 January 2010
Dear Shashin
Pls clarify whether these preliminary expenses are allowed u/s 35 D IN 5 installments or not??
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 05 January 2010
Dear Shashin,
Prelm exp. are in capital nature. plz correct this......
regards,
ratan
Amir
(Learner)
(4016 Points)
Replied 05 January 2010
total income of the company as per income tax act is Rs. 2593.70..
Tax is 30.90% on Corporates - Rs.801
Now if this amount falls short by more than 15% of book profits then Tax will be 15% on book profits
Book Profits:-
Income>>>>>>>>>>>>>> 69,000.00
Expenses:
-operating>>>>>>>>>> 56,005.30
- Prelinimary ex >>>> 52,005.00 (assuming that co has wrutten it off completely in its books)
--------------------
Loss 39,010.30
---------------------------
Hence TAX SHALL BE PAID ON THE BASIS OF INCOME COMPUTED AS PER INCOME TAX ACT i: Rs. 801
Amir
(Learner)
(4016 Points)
Replied 06 January 2010
Dear Shashin
As per Finance ACt(No. 2), 2009, the rate has been increased to 15%
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