yes i want only unabsorbed depreciation or loss which ever is less ( it's working )
profit for the f.y 2008-2009 is without adjustment of carry forward depreciation and losses , it is only current year's profit after deducting current year's expenses
my auditor has calculate the unabsorbed depreciation and carry forward loss ( which ever is less for mat calculation ) is as follows
computation of total income ___________________________
profit and loss as per book 8,29,297/-
add :-
provision for tax 1,15,000/- provision for FBT 36,000/- provision for gratuity 27,456/- depreciation as per companies act 1,68,151/- preliminary expenses 37,280/- service tax penalty 4,974/- 3,88,861/- _____________________ less :-
depreciation as per income tax act 1,40,409/- preliminary exp 35d 6,800/- 1,47,209/- _____________________
taxable income 10,70,949/-
less :(Brought Forward Losses ) A.Y. 2007-08 Rs. 15,16,416 out of which loss of less : 10,70,949/- Rs. 10,70,949 is to be set-off against profit of A.Y. 2009-10 and balance of Rs. 445467/- is to be carried forward.
this is as per income tax calculation and
now as per mat calculation
profit and loss as per book 9,80,297/- ( by adding provision for tax and fbt)
add :
provision for gratuity 27,456/- Service Tax Penalty 4,974/-
less :
carry forward depn or business loss which ever is less 11,094/-
__________
taxable income 10,01,633/-
NOW WORKING FOR DEPRECIATION AND BUSINESS LOSSES WHICH EVER IS LESS
Working Of Business Loss & Unabsorbed Deprecitaion
Year Ending 31.03.2006 Business Loss As Per P/L 286479 Depreciation As Per P/L 14288
Year Ending 31.03.2007 Business Loss As Per P/L 1627377 Depreciation As Per P/L 31608
Year Ending 31.03.2008 Net Profit as Per P/L/ A/c 34802 Business Loss or brought forward Depreciation whichever is less Bussiness Loss 1913856 (286479+1627377) Brought Forward Depreciation 45896 (45,896) (14288+31608)
Brought Forward Depreciation 11,094
Year Ending 31.03.2009
Bussiness Loss 1913856 Brought Forward Depreciation 11094
sir i have written all the working please tell me that mat calculation is correct or not ?
CAclubindia
