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3 Doubts plse help me

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3145 Points Posted on 03 February 2023
Dear Chartered Accountants and knowledgeable persons


1.what is mean by C/D and B/d in final accounts , why we are using this in final accounts and where we have to use please clearly explain me.

2. what is mean by AMT in income tax concept who all are eligible to get that any threshold limit

3.As per income tax ,Tax payable concept for an example if the total income RS 6,50,000 means what is the percentage of tax rate and how to calculate tax payable I need a calculation please explain me


Answer need my dear persons
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On 03 February 2023 at 21:52 Report
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Student
115 Points Posted on 04 February 2023

Hello,

1.C/d means carried down

  B/d means brought down

It is used in all ledger a/c as all the accounts are not closed when it is opened.

There is some balance to be payable or receivable in such a/c.

So the closing balance of such a/c is carried forwarded to next a/c and it is brought forwarded from such a/c.

 

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On 04 February 2023 at 08:03
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GST Practitioner & Accounts
15083 Points Posted on 04 February 2023
2. AMT means Alternate Minimum Tax as per section 115 JC of the income tax Act , applicable to NON corporate entities @ 18.5 % , please refer section 115JC of the income tax Act.

3. 0- 250000 Income - Nil Tax
250000 to 500000 - 5% Tax
500000 to 750000- 20 %Tax
As per old tax regime

So total tax on 650000/- is Rs 42,500/-
24 Reply
On 04 February 2023 at 10:50
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Profession Business
28196 Points Posted on 04 February 2023
NOT AMT BUT MAT .
SEC 115JC APPLICABILITY SEPERATE
44 Reply
On 04 February 2023 at 10:51
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GST Practitioner & Accounts
15083 Points Posted on 04 February 2023

@ Sabyasachi Mukherjee

MAT is applicable to Corporate entities section 115 JB
AMT is applicable to NON corporate entities section 115 JC .

 

24 Reply
On 04 February 2023 at 10:59
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3145 Points Posted on 04 February 2023
@ Thank you Prasad nillugal sir , sir so total tax is 6,50,000 means you have told RS 42500 ,so how could you please kindly give me a computation for my understanding
2 Reply
On 04 February 2023 at 11:43
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GST Practitioner & Accounts
15083 Points Posted on 04 February 2023
6,50,000/- Total income

250000/- No Tax ,
2 lac fifty thousand- tax @ 5 % = 12'500
1 lac fifty thousand - tax @ 20%= 30000
-----------
Total. 42'500
24 Reply
On 04 February 2023 at 12:22
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3145 Points Posted on 04 February 2023
@ sir here 1,50,000 means ??
2 Reply
On 04 February 2023 at 12:27
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GST Practitioner & Accounts
15083 Points Posted on 04 February 2023
5 Lac less 6 lac fifty ( last slab ) , you income is 1 lLac fifty so 20,%of 1lac fifty is 30000/-.
24 Reply
On 04 February 2023 at 12:33
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3145 Points Posted on 04 February 2023
Mr X having housing loan 
@ Prasad nillugal sir ,thanking you



principal 85,061.09

towards interest 159018.92

in balance sheet on liabilities side under loan s whether I have to show with interest or only principal amount ???


plse help me
2 Reply
On 04 February 2023 at 12:36


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