Tax liability on total income
This query is : Resolved
18 May 2012
Dear Sir,
In company account for March-2012. Book Profit Rs.2412350/- including Long Term Capital Gain on share sold of Rs.1565453/-.
Long Term Capital Gain is exempted income Us 10(38). Than what is the tax liability for AY 2012-13.
Kindly suggest as earliest.
Thanks & Regards
(Mr. Kadam)
In company account for March-2012. Book Profit Rs.2412350/- including Long Term Capital Gain on share sold of Rs.1565453/-.
Long Term Capital Gain is exempted income Us 10(38). Than what is the tax liability for AY 2012-13.
Kindly suggest as earliest.
Thanks & Regards
(Mr. Kadam)
18 May 2012
The taxable income shall be Rs. 8,46,900.
Tax @ 30.9% = Rs. 2,61,693/-
Book profit for MAT = Rs. 24,12,350
MAT @ 18.5% = Rs. 4,46,285
Add: Cess @ 3% = Rs. 13,389
Total tax payable = Rs. 4,59,670
Since MAT exceeds the tax computed as per the normal provisions, the company has to pay MAT of Rs. 4,59,670
Tax @ 30.9% = Rs. 2,61,693/-
Book profit for MAT = Rs. 24,12,350
MAT @ 18.5% = Rs. 4,46,285
Add: Cess @ 3% = Rs. 13,389
Total tax payable = Rs. 4,59,670
Since MAT exceeds the tax computed as per the normal provisions, the company has to pay MAT of Rs. 4,59,670
18 May 2012
Yes, I have considered the same.
Message likes :
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CA CS Amit S. Kedia
(Expert)
18 May 2012
Dear Mr. Nathuram,
For the purpose of Book Profit, Long term capital gain is not exempt.
For the purpose of Book Profit, Long term capital gain is not exempt.
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