income tax
This query is : Resolved
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
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
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
13 October 2007
The 2nd One is Correct.
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