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A/cing Standard-22

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 February 2011 Hi,
The Following are the deatils of X Ltd
A/cting Profit 500000
Book Profit as per MAT 450000
Profit as per Income-tax Act 50000
Tax rate 30%
MAT Rate 7.50%
Queries
1)What is the total expenses to debited in P&L account
2)What is the deferred tax amount to be carry forward and what are the condition for carrying forward,when a company paying Tax under 115JB?
3)Can a company can setoff regular tax income against MAT credit which is carry forward according to AS-22?
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CA bhargava

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CA bhargava (Expert)
16 February 2011 1.total tax exp. debited to p & l A/c =500000*7.5=37500
2.deferred tax amount= deffered tax liability =50000*7.5=3750
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