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
But the MAT applicable
Long Term Capital Gain is Exempted.
Long Term Capital Gain is Exempted.
18 May 2012
Yes, I have considered the same.
Message likes :
1 times
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.
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
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
