Queries in filling in ITR-6

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22 September 2009 I have the following queries in filling in ITR-6:

1. Where do we fill ‘Prior Period Expense’ in P&L Sheet?

Ans : ……….. (Whether deducting in Item 48. balance brought forward from previous year or in ’50.d. Any other appropriations’).

2. Where do we fill or ‘Prior Period Income’ in P&L Sheet?

Ans : ……….. (Whether adding in Item 48. balance brought forward from previous year).

3. Where do we fill ‘Amortization of Preliminary Expenses U/s 35D’ (which appears in computation in 2 places) in Schedule BP?

Ans : ………………….. (Whether in 23 and in 30).

4. In Schedule MAT, Item 3. PBT 154587 and Item 7. Tax Payable 15459.

This (MAT) Tax amount Rs.15459 gets prefilled in Part B-TTI, whereas, in my case, there is a loss of Rs.36184.

Already, I filled Dividend Exempt Income Rs.190771 in (1) BP 5.c. AND IN (2) EI 2.

Now, where do I fill this dividend exempt income in Schedule MAT so as to make the MAT liability ‘Zero’ in Part B-TTI.

Whether I can fill Rs.190771 in Schedule MAT – 5. b. or 5. f.

I await your advice / guidance / assistance / suggestions / tips on the queries. Thanks for the same.

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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22 September 2009 Dear Deekay,

Let me try to answer your questions. First thing to remember is that tax Laws not recognising all AS. AS-2 and AS 22, as fer I can remember is relevent for filing of return.

1) Prior period Expenses requires seperate disclosure as per accounting standards and no such requirement is there forseperate disclosure in Income Tax.So the nature of expenses will determine under which head it comes.But it can't be adjusted with sr 48 or 50. Please treat this as any other expenses.

2) Same as # 1.

3)You have to fill Schedule ESR for Sec 35.

4)I feel you can show only in 5 (b) i.e deductions as under section 10 - Dividend Income is exempted under section 10(34).

In case of any confusions or further discussions please let me know.

Cheers,

Sanjay Mukherjee
sanjaylab@gmail.com

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2009 Sir
Items 1 and 2 may be dealt with only in the income tax computation statement.

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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22 September 2009 Dear Mr. B.Chackrapani Warrier,

In ITR-6 income tax computation comes in Part B TTI , Would you please mention where to show the prior period income and expenses in this sheet, as apart from tax and interest figures we are not allowed to write/put anything in this sheet.

Please advice.

Regards,

Sanjay

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2009 I use winman software to file IT returns. In that I have to compute taxable income in which I will do the adjustments as in 1 and 2 raised by DEEKEY sir thereby the end result will appear in part B TTI.

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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22 September 2009 Thanks Sir for your reply. Would you please elaborate how the prior period item (expenses or income) will be adjusted with current years profit and loss? And why we should adjust something related to prior period, obviously except the deduction under section 43 B if any disallowed earlier and now will be allowed on payment basis.

If we incur any expenses related to past years that would be dealt with the normal provisions of it act so why and how we have to adjust or disclose those expenses and income. In my opinion those are to be dealt with depending upon the nature of expenses or income.

Please express your valuable opinion.

Regards Sanjay

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