TAX CALCULATION ?

Dear Shashin

Pls clarify whether these preliminary expenses are allowed u/s 35 D IN 5 installments or not??

Dear Shashin,

Prelm exp. are in capital nature. plz correct this......

regards,

ratan

total income of the company as per income tax act is Rs. 2593.70..

Tax is 30.90% on Corporates - Rs.801

Now if this amount falls short by more than 15% of book profits then Tax will be 15% on book profits

Book Profits:-

Income>>>>>>>>>>>>>>     69,000.00

Expenses:

-operating>>>>>>>>>>      56,005.30

 - Prelinimary ex >>>>      52,005.00   (assuming that co has wrutten it off completely in its books)

                                          --------------------

Loss                                          39,010.30   

                                           ---------------------------

Hence TAX SHALL BE PAID ON THE BASIS OF INCOME COMPUTED AS PER INCOME TAX ACT i: Rs. 801

Dear Shashin

As per Finance ACt(No. 2), 2009, the rate has been increased to 15%

then u r rite brother..