income tax
This query is : Resolved
12 October 2007
Unabsored Depreciation can be carried forward for the next year.In the Act it is said that it will be deemed as part of that year Allowance.
if this is the case What is My profit of the business?for example
if Currentyear profit before dep is 1000 and dep for the current year is 500.Unabsored Dep is 200.what is my profit of the business?As per Act it is 1000-500-200?Am I Correct?
If this is correct then I have to take this amount for calculating 10A Deduction.
10A deduction=Profit of the bus*Export Turnover/Total Turnover.
Here profit of the business is whether 1000-500 or 1000-500-200?
please reply your comment at the earliest so that i can take decision to complete Tax Audit
if this is the case What is My profit of the business?for example
if Currentyear profit before dep is 1000 and dep for the current year is 500.Unabsored Dep is 200.what is my profit of the business?As per Act it is 1000-500-200?Am I Correct?
If this is correct then I have to take this amount for calculating 10A Deduction.
10A deduction=Profit of the bus*Export Turnover/Total Turnover.
Here profit of the business is whether 1000-500 or 1000-500-200?
please reply your comment at the earliest so that i can take decision to complete Tax Audit
13 October 2007
For the purpose of 10A profit of the business means current profit before adjustment of any previous losses. so its 1000-500
13 October 2007
The 2nd One is Correct.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
