Tax liability as per as-28
Querist : Anonymous
a) Fixed Assets debit & Capital Reserve credit.
b) Subsequent years: Depreciation debit & Capital Reserve credit to respective Fixed Asset. (AS 28).
Would there be any tax liability?
.
Accounting treatment to present the true and fair picture of the Statement of Affairs is different than the Profits earned as per Income Tax.
.
That's why we prepare separate COMPUTATION OF INCOME to derive the TAXABLE PROFITS.
.
Querist : Anonymous
Querist : Anonymous
.
The answer is still No.
.
Please read very carefully the answer given above
.
and
.
refer section 115JB(iia) for clear understanding.
Querist : Anonymous
Querist : Anonymous
2. Later than seven days to approach Assessing Officer for rectification.
3. Ascertain under whose TAN No. returns have been filed.
4. a) What is the penalty, since there is no malafide intention and no benefit has been derived by other party (i.e. the Loss to the Revenue)
b) What are consequences if other party has taken any benefit
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