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Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2011 sir
i was filling a income tax return and made a balance sheet under schedule VI. when i upload all the data in ITR-6 for Company our tax calculate by the form automatically under the MAT is 158000/- approx but in our calculation the tax should be raise 214000/- approx

my question is that which tax should be deposited in the bank

2. can we take the last year loss which is 313717/-

3. how can i take the differences b/w the both of tax calculation and what should be the effect on our balance sheet

plz sir send me ur answer with example as soon as possible

thanx

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 September 2011 Income tax need to be paid actual tax calculation or MAT calculation u/s.115JB which ever is higher.

2. You can take lost year loss and adjusted current year provided you claimed the loss in last year and filed the return on or before the due date

3. need to be provide provision in your p&l and balance sheet the amount which you are going to pay as Income tax( actual or MAT which ever is higher)

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