pls. help me
This query is : Resolved
09 April 2011
Respected Seniors,
I'm facing the below mentioned problem, kindly suggest me its solution at earliest.
In case of a company, which is registered to trade in machineries but there was not a single transaction related to same during the whole year.
On other hand it has rental income. So, the income was declared under Income from House Property instead of PGBP.
Now, as the books were maintained on the basis of Companies Act showing income from PGBP and all tax liabilities were calculated according to PGBP but ITR filled on the basis of Income from H.P. so there is difference in Tax liability and provision for Income Tax as per B/S and ITR.
Can anyone let me know how the provisions will be set off in next financial year.
Kindly reply at earliest. Its very important.
Thanks & Regards,
I'm facing the below mentioned problem, kindly suggest me its solution at earliest.
In case of a company, which is registered to trade in machineries but there was not a single transaction related to same during the whole year.
On other hand it has rental income. So, the income was declared under Income from House Property instead of PGBP.
Now, as the books were maintained on the basis of Companies Act showing income from PGBP and all tax liabilities were calculated according to PGBP but ITR filled on the basis of Income from H.P. so there is difference in Tax liability and provision for Income Tax as per B/S and ITR.
Can anyone let me know how the provisions will be set off in next financial year.
Kindly reply at earliest. Its very important.
Thanks & Regards,
CA PARAS BAFNA
(Expert)
10 April 2011
In this case excess provision has been made. You can write off the provision by transferring the balance amount to P&L A/c.
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