income tax

This query is : Resolved

prasanna venkatesan (Querist)
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12 October 2007 Unabsored Depreciation can be carried forward for the next year.In the Act it is said that it will be deemed as part of that year Allowance.

if this is the case What is My profit of the business?for example

if Currentyear profit before dep is 1000 and dep for the current year is 500.Unabsored Dep is 200.what is my profit of the business?As per Act it is 1000-500-200?Am I Correct?

If this is correct then I have to take this amount for calculating 10A Deduction.

10A deduction=Profit of the bus*Export Turnover/Total Turnover.
Here profit of the business is whether 1000-500 or 1000-500-200?

please reply your comment at the earliest so that i can take decision to complete Tax Audit

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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13 October 2007 For the purpose of 10A profit of the business means current profit before adjustment of any previous losses. so its 1000-500

CA Jaydeep Bhowal

CA Jaydeep Bhowal (Expert)
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13 October 2007 The 2nd One is Correct.

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