Mat working u/s 115JB..Urgent Sir!!
This query is : Resolved
21 July 2010
Dear Experts,
While calculating book profit for the purpose of 115JB should we have to Add Depreciation as per Companies Act and deduct Depreciation as per Income Tax Act. Reserves and all need not be considered since Net Profit i am taking above the line.
Am i right?
Pls reply ASAP because its urgent sir
With regards,
Rajesh.
While calculating book profit for the purpose of 115JB should we have to Add Depreciation as per Companies Act and deduct Depreciation as per Income Tax Act. Reserves and all need not be considered since Net Profit i am taking above the line.
Am i right?
Pls reply ASAP because its urgent sir
With regards,
Rajesh.
21 July 2010
Yes you are correct but adjust following if any:
increse the profit by amount of expenditure related to exempted income.
decrease the profit by any income which is exempted u/s 10, 11 & 12.
increse the profit by amount of expenditure related to exempted income.
decrease the profit by any income which is exempted u/s 10, 11 & 12.
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