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direct tax liquidation sum Nov 2016 paper
in liquidation sum of nov 16, while finding the deemed dividend, why did they take 40lakhs ,what about the revalution reserve of 38lakhs ...i feel the deemed dividend should have been 78lakhs ÷6 = rs 13lakhs
Replies (1)
for sec 2(22) ......
Computation of accumulated profits : Accumulated Profits means commercial profit upto the date of distribution and it comprises of :
Current Profit including Capital Gain
General Reserve , Investment allowance reserve etc.
Tax Free incomes including agricultural income.
But does not include…
Provisions of taxation and dividend
Depreciation Reserve
Revaluation Reserve.
Computation of accumulated profits : Accumulated Profits means commercial profit upto the date of distribution and it comprises of :
Current Profit including Capital Gain
General Reserve , Investment allowance reserve etc.
Tax Free incomes including agricultural income.
But does not include…
Provisions of taxation and dividend
Depreciation Reserve
Revaluation Reserve.
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