A/cing Standard-22
This query is : Open
Querist : Anonymous
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?
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?
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
2.deferred tax amount= deffered tax liability =50000*7.5=3750
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Visiting card purchase
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
