Dear All our case was selected for scrutiny propritor ship firm for a.y. 09-10 and A.O. disallowed Rs.70000 expenses and raise demand u/s 156 of rs.23760/- pls let me know how to calculation of this demand?
5 Replies
CA Sunil Kumar Parjapati
(ACA Senior Manager- Accounts & Finance)
(224 Points)
Replied 10 December 2011
Hi pankaj,
You first add back that disallowed expense of rs. 70,000 to your taxable income and then re-calculate the tax liability as per the rates applicable to AY 09-10. Consider interest of section 220 and 221 of the income tax act 1961.
Regards
Sunil Kumar
ca_lakshay @ yahoo.co.in
Pankaj Arora
(Learner)
(3134 Points)
Replied 10 December 2011
co. taxed was in 30 % tax slab pls compute tax on it?
Md Shamim Akhtar
(Accountant)
(21 Points)
Replied 14 December 2011
hw much rate of interest on demands u/s220(2)
shamim
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