Hi...
Please tell me the basic concepts of income tax for Firm and Company.
If any notes please provide us.
Thanks
Shashikant
2 Replies
Sonam Bidasaria
(CA)
(770 Points)
Replied 13 May 2013
Though you asked your question in one line, but it is not easy to give the answer.
If i will say company is liable to pay tax @ 30% on its taxable income calculated in accordance with normal provisions of the Income Tax or 18.50% on its book profit, whichever is higher.......then i dont think so it will serve your purpose. Your next quetion may be what is normal provisions/ what is book profit?
I am giving you a gist of few sections, which u need to study to understand the tax computation of partnership Firm and Company
Sec 28 - List of Income Covered under the head PGBP
Sec 32 - Depreciation
Sec 36 - Expenses allowable from PGBP Income
Sec 37(1) - General allowance of certain specific
Sec 43B - Certain expense allowable only on cash basis
Sec 115JB - Minimum Alternate Tax
Sec 40A(2), 40A(3)
Sec 40(b) - partner's salary
and many many many more other sections which are EQUALLY IMPORTANT and there is nothing like basic concept....
Rohan Chugh
(Chartered Accountant )
(69 Points)
Replied 03 March 2014
EX: DATE OF DEDUCTION OF TDS IS 31.12.2013 AND DATE OF ACTUAL PAYMENT IS 07.03.2014 THEN HOW THE INTT. WILL BE CALCULATED????
IT MAY BE AS FOLLOWS:
FROM 31.12.2013 TO 30.01.2014: @ 1.5% FOR 1 MONTH
AND FROM 31.01.2014 TO 02.03.2014 @ 1.5% FOR 1 MONTH
AND FROM 03.03.2014 TO 02.04.2014 @ 1.5% FOR 1 MONTH
SO INTT WILL BE FOR 3 MONTH @ 1.5%...
IF ANY QUERRY & SUGGESTION THEN PLZ WRITE
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