Depreiciation Comparision.jpg

Working Note format for tax

Depreiciation Comparision ii.jpg

 

QUESTION

ABC PRIVATE LIMITED
PROFIT AND LOSS A/c  
Particulars Amt
Sales 500000
Less  
Purchase 300000
Gp 200000
Less  
Office Exp. 60000
Intrerest 50000
Depreciation* 60000
Profit  30000
Tax @ 30% ?
Profit after tax ?

Calculate Tax and PAT

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Example 2

Suppose Depreciation charged in books is as per Companies Act is 60000

But Depreciation as per Income Tax Act 70000

Calculate Tax?

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Calculate PBT and PAT also in above case

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QUESTION

Is Depreciation shown In Tally Profit and Loss as per Companies Act or Income Tax Act?

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  1. Practical Income Tax
  2. Corporate Income Tax

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 9 years. He also provides Accounts Tax GST Training in Delhi and Pune.