Deferred Tax Liability - Special Reserve u/s 36(1)(viii)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 May 2011
Special Reserve is to be created u/s 36(1)(viii)appropriating profits @20% of eligible business.
whether in calculation of Deferred Tax Liability Special reserve is to be added back for computation.
If yes, then what is specific reason for adding Special Reserve for computation of Deffered Tax Liability
whether in calculation of Deferred Tax Liability Special reserve is to be added back for computation.
If yes, then what is specific reason for adding Special Reserve for computation of Deffered Tax Liability
03 May 2011
The specific reason for any adjustment like these is,
the specific manner in which
PROFIT DERIVED from the eligible business has to be computed.
PROFIT DERIVED to be computed under the head "Profits and Gains of Business or Profession".
Under this head Business Profit means Net Profit after making such adjustments as prescribed -considering items allowable and dis-allowable.
the specific manner in which
PROFIT DERIVED from the eligible business has to be computed.
PROFIT DERIVED to be computed under the head "Profits and Gains of Business or Profession".
Under this head Business Profit means Net Profit after making such adjustments as prescribed -considering items allowable and dis-allowable.
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