Upload File

deferred tax calc

9
CALCULATION OF DEFERRED TAXATION AS ON 31-MAR-2008 Particulars Amount Tax Rate Amount Amortisation of Amalgmation Expenses - 33.99 - Fixed Assets Difference in Block Value of Fixed Assets - 33.99 - Provisions Provision for Doubtful Debts - 33.99 - Provision for gratuity & Leave encashment - 33.99 - Provision for Irrecoverable Advances - 33.99 - Provision for leave encashment - 33.99 - Unabsorbed Depreciation & Business loss - 33.99 - Mat Credit Carried Forward - - - Total Deferred Taxation -

Upload: dhuvadpratik

Post on 21-Nov-2015

9 views

Category:

Documents


3 download

Report

DESCRIPTION

Deferred Tax Calculator - India

TRANSCRIPT

Accounting Standard

InstructionsAS 22 - DEFERRED TAXATION CALCULATION SHEET1The object of this spreadsheet is to calculate the deferred tax schedule and effect of deferred taxation on profit and loss account. Always make a copy of this file and work in the copy made.2If this is the first year of application of AS-22 fill the required data in Sheets named Transitional 1 and Transitional 2 as of the start of the year.3For the information of the current year fill required data in sheets workings 1 and workings 2.4Do not try to unhide the cells in any workings and transitional sheets.5See the temp sheets for any remaining workings in timing difference of taxation.6Guidence for deferred taxation is available in september 2001 issue of BCA journal.7Deferred tax assets should not be recognised unless there is virtual certainity of sufficient future taxable income.8Printing InstructionThough this work book is in colour. It is advisable to print the set in the Black and White,The set of entire report should be arranged numberwise.The pages are set for margins.9Effects of ASI published December 2002 issue is not considered.10Effect of AS after As 24 and AS 19 is not considered.11Any improvement in the statement is most welcome. Please mail [email protected]

[email protected]

Deferred TaxCALCULATION OF DEFERRED TAXATION AS ON 31-MAR-2008ParticularsAmountTax RateAmountAmortisation of Amalgmation Expenses0.033.990.0Fixed AssetsDifference in Block Value of Fixed Assets0.033.990.0Investments0.0Singapore & Sharkstream21.000.0ProvisionsProvision for Doubtful Debts0.033.990.0Provision for gratuity & Leave encashment0.033.990.0Provision for Irrecoverable Advances0.033.990.0Provision for leave encashment0.033.990.0Unabsorbed Depreciation & Business loss0.033.990.0Mat Credit Carried Forward0.00.00.0Total Deferred Taxation0.0

ReportWorking for Deferred TaxTax rate Current33.99%Tax rate33.99%Deferred Taxation StatementSCHEDULE FORMING PART OF ACCOUNTS:-Deferred Tax AssetsSCH.Current YearPrevious YearDepreciation10.00.0Accrued Expenses deductible on payment20.00.0Preliminary Expenditure30.00.0Other Effects4302,063,623.850.0Provision of doubtful debts and advances50.00.0Total302,063,623.850.0Deferred Tax LiabilitiesDepreciation10.00.0Preliminary Expenditure20.00.0Other Effects30.00.0Provision of doubtful debts and advances40.00.0Total0.00.0Net Deffered Tax Asset/(Liabilities)302,063,623.850.0ACCOUNTING ENTRIES :-1Profit & Loss Account Dr.0.0Deferred Tax Liabilities/ Asset Account Cr.0.0[Effect of change in deferred tax liability for the year]2Deferred Tax Assets/ Liability Account Dr.0.0Profit & Loss Account Cr.0.0Recognition of Deferred tax assets to the extent of deferred tax liability)Page 13Profit & Loss Account Dr.0.0Deferred Tax Liabilities Account Cr.0.0[Effect of deferred tax liability for the year.]4Deferred Tax Assets Account Dr.0.0Profit & Loss Account Cr.0.0[Effect of deffered tax assets for the year.]

ComputationComputation for Tax for the period ended on March 31, 2008Profit/(Loss) as per P&L A/c0.0AddDisallowances Considered seperately under IT. Act.Depreciation as per Books0.0344000Loss on sale of assets0.0342001Amortised cost of programmes0.0allowed in earlier year0.0Expenditure of Capital Nature0.0Provision for leave encashment0.0330109Provision for gratuity0.00.0LessAllowance under the Income Tax Act / Considered SeperatelyDepreciation as per I T Act0.0Dividend income exempt u/s. 10(35)0.0272000/330110Leave Encashment paid0.0Amortised cost of Movies & Animation Programmes0.00.0LessUnabsorbed Loss brought forward from previous years0.0BUSINESS INCOME C/F. FOR SETOFF IN NEXT A.Y0.0TOTAL INCOME0.0LessDeduction U/ch. VI AU/s 80- G(restricted to 10% of GTI)0.0TOTAL INCOME0.0TAX ON BUSINESS INCOME @ 30%0.0AddSURCHARGE @ 10%0.00.0AddEducation Cess & Higher Secondary Education cess @ 3 %0.0TOTAL TAX PAYABLE0.0COMPUTATION OF MATNet Profit/(Loss) as per Profit & Loss Account0.0Book Profit/(Loss)0.010% of Book Profit0.0Add : Surcharge 10%0.00.0Add : Education Cess @2 %0.0TAX PAYABLE0.0Less:Tax Deducted at Source0.0Refund Due0.0Plus : Interest U/s 244(1A)PAYABLE/(REFUND)0.0Assumptions- Programming cost have been claimed at 100%. i.e. no inventorisation considered

Tax DepnA.Y. 2008 - 2009Fixed Assets - Depreciation (As per Income Tax Act, 1961.)ParticularsWDVAdditionsDeletions/TotalDepreciationDepreciationWDVAs onUptoAfterSalesRateAs on01.04.200730.09.200701.10.200731.03.2008More than six monthsLess than six monthsPlant & Machinery0.00.00.00.00.015.00%0.00.0Furniture & Fixtures0.00.00.00.00.010.00%0.00.0Computers0.00.00.00.00.060.00%0.00.0Office Equipments0.00.00.00.00.015.00%0.00.0Leasehold Improvements0.00.00.00.00.010.00%0.00.0Total0.00.00.00.00.00.00.00.0

ACCOUNTSCURRENT YEARDeferred tax asset accountParticularsSch.Amount Rs.ParticularsSch.Amount Rs.Opening Balance0.0Depreciation10.0Expenses allowed only on payment20.0Expenses under Section 35D30.0Other Effects40.0Section 36 & Other Provisions50.0Closing balance0.0TOTAL0.0TOTAL0.00.0Deferred tax Liability accountParticularsSch.Amount Rs.ParticularsSch.Amount Rs.Opening Balance0.0Depreciation10.0Expenses under Section 35D20.0Other Effects30.0Section 36 & Other Provisions40.0To Profit & Loss Account0TOTAL0.0TOTAL0.00.00.00.0Schedule of Journal EntriesFor Debit to Profit & Loss AccountDepreciationFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Expenses allowed only on paymentFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Expenses under Section 35DFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Other EffectsFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Section 36 & Other ProvisionsFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Total0.0For Credit to Profit & Loss AccountDepreciationFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Expenses allowed only on paymentFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Expenses under Section 35DFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Other EffectsFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Section 36 & Other ProvisionsFrom Deferred Tax asset account0.0From Deferred Tax Liability account0.0Total0.0Page 2Credit to Profit & Loss Account0.0

ACCOUNTS

Deferred Tax Assets

Currentworking1

Deferred Tax Liability

Currentworking21DepreciationAsset GroupWDV As per Income-Tax ActWDV As per Companies ActDeferred assetDeferred liabilityBuildings0.00.00.00.0Plant & Machinery0.00.00.00.0Furniture and Fixtures0.00.00.00.0Office Equipments0.00.00.00.0Vehicles0.00.00.00.0Goodwill0.00.00.00.0Computer0.00.00.00.0Tools0.00.00.00.00.00.00.00.00.00.0Total0.00.0Net Tax Effect0.02Section 36 and other ProvisionsParticularsAs per Income TaxBalance as per BooksDeferred tax assetDeferred Tax liabilitySection 36 provision for Bad Debts0.00.0Provision against Doubtful Debts0.00.00.00.0Provision for loans and advances0.00.00.00.0Provision for dimunition in value of Investment0.00.00.00.0Total0.00.00.00.0Page 3

ACCOUNTS (2)Workings of deferred taxation2Expenses Allowed only on PaymentCharged to BooksPaid Before due dateSection 43/B of Income Tax Act,1961aAny sum Payable as Cess, Tax, Duty0.0bContribution to P.F.0.0Gratuity0.00.0cBonus0.00.0dInterest on loan from Public Financial Inst.0.00.0eInterest on term loan from Co-operative0.00.0BankfSum Payable by employer in lieu ofleave at the credit of employeeTotal0.00.0Difference0.0Tax Effect0.03Expenses disallowed in Income Tax ReturnExpense u/s 37aPersonal ExpensesbPrior Period ExpensescPenaltiesdCapital ExpenditureTotal0.0Tax Effect0.04Expenses under Section 35DAs per Accounts Balance0.0As per Income Tax Balance0.0Difference0.0Tax Effect0.0See instructions5Other EffectsDeferred tax assetDeferred Tax liabilityInsert as per its Tax Effect0.0aVRS to the extent not written off0.00.0bDimunition in the value of investments0.0cCarried Forward Business Loss & Depreciation0.0dOther Effects0.00.00.00.00.0Total0.00.0Tax Effect0.00.0INTRODUCTION OF TAX EFFECT ACCOUNTINGWorkings of deferred taxation2Expenses Allowed only on PaymentCharged to BooksPaid Before due dateSection 43/B of Income Tax Act,1961aAny sum Payable as Cess, Tax, DutybContribution to P.F. and GratuitycBonusdInterest on loan from Public Financial Inst.eInterest on term loan from Co-operativeBankfSum Payable by employer in lieu ofleave at the credit of employeeTotal--Difference-Tax Effect-3Expenses disallowed in Income Tax ReturnExpense u/s 37aPersonal ExpensesbPrior Period ExpensescPenaltiesdCapital ExpenditureTotal-Tax Effect-4Section 36

Transitional1TRANSITIONAL AccountDeferred tax asset accountParticularsSch.Amount Rs.ParticularsSch.Amount Rs.Depreciation10.0Expenses allowed only on payment30.0Expenses under Section 35D40.0Other Effects50.0Section 36 & Other Provisions20.0Closing balance0.0TOTAL0.0TOTAL0.00.0Deferred tax Liability accountParticularsSch.Amount Rs.ParticularsSch.Amount Rs.Depreciation10.0Expenses under Section 35D40.0Other Effects50.0Section 36 & Other Provisions20.0To Profit & Loss Account0TOTAL0.0TOTAL0.00.00.0Page 5

Transitional1

Deferred Tax Assets

Transitional2

Deferred Tax Liability

tempTRANSITIONAL PROVISIONWorkings of deferred taxation - 11DepreciationAsset GroupAs per Income-Tax ActAs per Companies ActDeferred tax assetDeferred Tax liabilityWDVWDVBuildings0.00.00.00.0Plant & Machinery0.00.00.00.0Furniture and Fixtures0.00.00.00.0Office Equipments0.00.00.00.0Vehicles0.00.00.00.0Goodwill0.00.00.00.0Computer0.00.00.0Tools0.00.00.00.00.00.00.00.00.00.0Total0.00.0Net Tax Effect0.02Section 36 and other ProvisionsBalance as per BooksDeferred tax assetDeferred Tax liabilitySection 36 provision for Bad Debts0.00.00.0Provision against Doubtful Debts0.00.00.00.0Provision for loans and advances0.00.0Provision for dimunition in value of Investment0.00.00.00.0Total0.00.00.00.0Page 6

TRANSITIONAL PROVISIONWorkings of deferred taxation - 22Expenses Allowed only on PaymentCharged to BooksPaid Before due dateSection 43/B of Income Tax Act,1961aAny sum Payable as Cess, Tax, DutybContribution to P.F.0.00.0Gratuity0.00.0cBonus0.00.0dInterest on loan from Public Financial Inst.0.00.0eInterest on term loan from Co-operativeBankfSum Payable by employer in lieu ofleave at the credit of employeeTotal0.00.0Difference0.0Tax Effect0.03Expenses disallowed in Income Tax ReturnExpense u/s 37aPersonal ExpensesbPrior Period Expenses0.0cPenaltiesdCapital ExpenditureTotal0.0Tax Effect0.03Expenses under Section 35DAs per Accounts Balance0.0As per Income Tax Balance0.0Difference0.0Tax Effect0.000See instructions0000004Other Effects00Insert as per its Tax EffectDeferred tax assetDeferred tax Liabilities00aDimunition in the value of Investment0.00.0bBrough forward losses & Depreciation0.00.0cVRS Payments0.00.0dOthe Effects0.0efg0000Total0.00.0Tax Effect0.00.000Page 7000

URGENTGENERALVerification of I.T. SectionsSection301DoneMURGENTNo timing differenceSection311DoneMURGENTNo timing differenceSection321DoneMURGENTworking 1Section32A0PendingGENERALSection32AB0PendingGENERALSection330PendingGENERALSection33A0PendingGENERALSection33AB0PendingGENERALSection33ABA0PendingGENERALSection33AC0PendingGENERALSection33B0PendingMURGENTNo timing differenceSection340PendingGENERALSection34A0PendingGENERALSection350PendingMURGENTworkings 2Section35A0PendingMURGENTSection35ABB0PendingGENERALSection35AC0PendingMURGENTSection35CCA0PendingGENERALSection35CCB0PendingGENERALSection35D0PendingMURGENTSection35DD0PendingMURGENTSection35DDA0PendingMURGENTSection35E0PendingGENERALSection360PendingMURGENTSection371DoneGENERALSection380PendingMURGENTSection400PendingMURGENTSection40A0PendingMURGENTSection410PendingMURGENTSection430PendingGENERALSection43A1DoneGENERALSection43B1DoneMURGENTSection43C0PendingGENERALSection43D0PendingGENERALSection80G0PendingMURGENTNo timing differenceSection80GGA0PendingGENERALSection80HHB0PendingGENERALSection80HHBA0PendingGENERALSection80HHC0PendingMURGENTNo timing differenceSection80HHD0PendingGENERALNo timing differenceSection80HHE0PendingMURGENTNo timing differenceSection80HHF0PendingGENERALNo timing differenceSection80I0PendingGENERALSection80IA0PendingGENERALSection80IB0PendingGENERALSection80JJA0PendingGENERALSection80JJAA0PendingMURGENTNo timing differenceSection80O0PendingGENERALSection10A0PendingMURGENTSection10B0PendingMURGENTSectionPendingGENERALNo timing differenceSectionPendingGENERALNo timing differenceSectionPendingGENERALSectionPendingGENERALSectionPendingGENERALSectionPendingGENERALSectionPendingGENERALSectionPendingGENERAL


Deferred Tax Liability

Fidelity Personal Retirement Annuity · Understanding tax-deferred variable annuities. A tax-deferred variable annuity can help you grow your assets on a tax-deferred basis, and it

Housing and Tax-deferred Retirement Accounts

Tax-Deferred Retirement Savings in Long-Term Revenue ...Tax-Deferred Retirement Plans and Their Fiscal Significance 2 How Tax Deferral Works 3 ... deferred retirement plans, as well

Deferred tax: Technical issues · Business combinations – Subsequent recognition of de ferred tax asset Deferred tax assets subsequently realised or recognised −Increase in deferred

Brazil Cond Bas Tax Calc V1 1

INDIANA UNIVERSITY Tax Deferred Account

THE EFFECT OF DEFERRED TAX ASSETS AND DEFERRED TAX

Suggested Answer Syl12 Dec13 Paper 18 - ICMAI · Tax as per MAT: 9, 00,000 x 10% = ` 90,000 Tax Expense = Current Tax + Deferred Tax Therefore Deferred Tax Liability as on 31.03.2013=

Deferred tax expense (DTE) and auditor · PDF fileThe study explores the use of the deferred tax expense (DTE) ... Deferred tax expense, ... contributes to the literature that studies

THE EFFECT OF TAX PLANNING AND DEFERRED TAX LIABILITIES …

Deferred Tax

Deferred tax icmap kbc

Draft Guidance on Deferred Tax on Revaluation Surpluses. · on Deferred Tax on Revaluation Surpluses. ... deferred tax consequences of revaluing to fair value Property Plant and Equipment

Deferred Taxes in Tradethe target profit. Keywords: deferred tax assets, deferred tax liabilities, ... as a "standard" in the comparative analysis of retail companies. 3. The analysis

Meaning of Deferred Tax Liability

Tax Deferred Annuities Introduction - The WPI · Tax Deferred Annuities Introduction In the past three decades tax deferred annuities have emerged as a commonly used planning tool

Brazil Cond Bas Tax Calc V1 3

Deferred Tax Ias 12

DEFERRED TAX ACCOUNTING AND FINANCIAL PERFORMANCE: …

DEFERRED TAX ASSETS.pdf

MAKING MAXIMUM USE OF TAX-DEFERRED RETIREMENT …webarchive.urban.org/UploadedPDF/411293_taxdeferred_accounts.pdfMAKING MAXIMUM USE OF TAX-DEFERRED RETIREMENT ACCOUNTS Janette Kawachi,

Deferred tax – a Chief Financial Officer’s guide to ... · Deferred tax – a Chief Financial Officer’s guide to avoiding the pitfalls Understanding deferred tax under IAS 12

Chapter 3 Deferred Tax

Deferred Tax Accounting: Changing Tax Rates and New

ASC 740 and Valuations of Deferred Tax Assetsmedia.straffordpub.com/...740-and-valuations-of-deferred-tax-assets...ASC 740 and Valuations of Deferred Tax Assets ... If the DTA is determined

Tax Deferred Savings (IRA)

DEFERRED TAX - ICAEW

Emerson College Tax Deferred Annuity Plan · 3/31/2020  · Emerson College Tax Deferred Annuity Plan 3 Introduction The Emerson College Tax Deferred Annuity Plan (“Plan”) was

Deferred tax a finance director's guide

§1031 TAX-DEFERRED EXCHANGE ISSUES

Deferred Tax Transfer

Tax-Deferred Exchanges

Tax-saving Strategy - BEST BENEFIT SOLUTIONS...Tax strategy – deferred & adv. access 529 college saving plan Advantages: Tax-deferred earnings Federal tax-free withdrawal for qualified

Recognition of Deferred Tax Assets for Unrealised Losses · deferred tax assets. If tax law restricts the utilisation of tax losses so that an entity can only deduct tax losses against