Sec 10A Exemption Compuation
This query is : Resolved
09 December 2009
Respected Experts,
A Company has Export Turnover of 10000 and other turnover of 5000 and its book profit showed show a profit of 2000. and further dis allowance for non deduction of TDS and allowance on Prior year TDS now made was there
Net Profit as per p&l 2000
Add:Depreciation considered
separately(Company Act Dep) 500
Add:Dis allownace For non 200
Deduction of TDS
Less:Last Year TDS Disalloance 100
now allowed on Payment
Less:Depreciation as per 200
Income tax Act
INCOME FROM BUSINESS FORM BUSINESS 2400
Should 10A Exemption be calculated on 2400(INcome form PGBP) or 2000 Book Profits .
Please Explain the Term "Turnover" under sec 10A with any relevant case laws...
A Company has Export Turnover of 10000 and other turnover of 5000 and its book profit showed show a profit of 2000. and further dis allowance for non deduction of TDS and allowance on Prior year TDS now made was there
Net Profit as per p&l 2000
Add:Depreciation considered
separately(Company Act Dep) 500
Add:Dis allownace For non 200
Deduction of TDS
Less:Last Year TDS Disalloance 100
now allowed on Payment
Less:Depreciation as per 200
Income tax Act
INCOME FROM BUSINESS FORM BUSINESS 2400
Should 10A Exemption be calculated on 2400(INcome form PGBP) or 2000 Book Profits .
Please Explain the Term "Turnover" under sec 10A with any relevant case laws...
10 December 2009
Dear Viswanathan,
Book Profit is considered only for calculating MAT.
and for calculating deduction under sec10A, Income from PGBP will be considered(i.e 2400)
The term 'Export Turnover' under Sec10A is the exports amount which has been realised within Six months from the end of the previous year.
Book Profit is considered only for calculating MAT.
and for calculating deduction under sec10A, Income from PGBP will be considered(i.e 2400)
The term 'Export Turnover' under Sec10A is the exports amount which has been realised within Six months from the end of the previous year.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
