02 September 2013
HOW CAN I SET PROVISION FOR INCOME TAX FIGURE IN PROFIT & LOSS A/C AS WELL AS BALANCE SHEET ?
USING CALCULATOR OF INCOMETAXEFILING WEBSITE WHERE TO INPUT ASS YEAR = 2013-14, TAX PAYER : DOMESTIC COMPANY, NET TAXABLE INCOME: 10066004.00 NOW TAX PAYABLE FIGURE WILL BE POPULATED : 3157980.00 (A)
OR, BY FOLLOWING CALCULATION
NET PROFIT AS PER PROFIT & LOSS A/C : 10066004.00 ADD: DEPRECIATION AS PER CO. ACT : 12887674.00 LESS: DEPRECIATION AS PER I.T. ACT : 11141853.00 TAXABLE INCOME : 11811831.00 TAX PAYABLE : 3832348.00 (B)
WHICH FIGURE TO TAKE IS IT ‘A’ OR ‘B ‘ ???????? PLEASE GUIDE
ALSO PLEASE LET ME KNOW MARGINAL RELIEF IS APPLICABLE OR NOT IN THIS CASE ????? BECAUSE I THINK ‘A’ FIGURE IS POPULATED AFTER TAKING MARGINAL RELIEF, PLEASE GUIDE
CAclubindia
