Demand letter from cpc
This query is : Resolved
12 October 2011
I hv filed a return Of a Pvt Co. having Land Of 15 Acres... source shown as Agriculture income Rs.219865.. Bt a demand letter is come from CPC ... having tax liability u/s 115 JB of Rs. 32980. Plz help me out for reply ..
13 October 2011
Sec 115 JB (MAT):
It is not clear wether your co. source of income is only -from agriculture?
However, assuming your source of income is from business and agriculture, as per MAT (Minimum Alternate Tax, Sec 115 JB, your co's book profit would be reduced for Sec 10 income and added with sec 10 expenses. Therefore net effect is that agricultural item is totally excluded from book profit.Sec. 10 is income from agricultue, and is also exempted under income tax.
Hence, the tax liablity of the co. under MAT arises when the tax liability is lower than 18 % of book profit.
Therefore, advised to check the same.
Sec 115 JB (MAT):
It is not clear wether your co. source of income is only -from agriculture?
However, assuming your source of income is from business and agriculture, as per MAT (Minimum Alternate Tax, Sec 115 JB, your co's book profit would be reduced for Sec 10 income and added with sec 10 expenses. Therefore net effect is that agricultural item is totally excluded from book profit.Sec. 10 is income from agricultue, and is also exempted under income tax.
Hence, the tax liablity of the co. under MAT arises when the tax liability is lower than 18 % of book profit.
Therefore, advised to check the same.
15 October 2011
co's income source is only from agriculture..
PLZ state a matter para for reply latter.
PLZ state a matter para for reply latter.
17 October 2011
if co. source of income is only from agriculture, after co's book profit is reduced for Sec 10 income and added with sec 10 expenses, net effct is that agricluture income and exp. is excluded.
Demand letter does not seems to be justified. Speak with them for calrification of your view point.
Demand letter does not seems to be justified. Speak with them for calrification of your view point.
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
- GST rate and HSN code for sale of racing horses
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
