Chapter 21 ___Solved Past Papers Income Tax Numericals of CA Module C - (2001 to 2022)
1,100,000
Business income as per tax 300,000
300,000
Income for the year -
Less:
Tax depreciation for the year 250,000
Total loss related to unabsorbed depreciation for the year (250,000)
Less: brought forward unabsorbed depreciation 300,000
Total unabsorbed depreciation to be carried forward (550,000)Less: B/f business loss (Rs.400,000 - 300,000 = 100,000 balance business loss
shall be c/f)Conceptual Approach to Taxes ___ 533
Total unabsorbed depreciation to be carried forward (550,000)COMPUTATION OF TAX LIABILITY:
As there is nil income under normal law hence minimum tax under NTR is computed as under.
Minimum tax liability:10% minimum tax on gross receipts of Rs.50 million against services 5,000,000
Less tax deduted under section 153 550,000IntheabsenceofinformationithasbeenassumedthattheAOPhasrealizedalltheservicesincomeonwhich
thecorporatesectorshavepartiallydeductedtaxonthesame,howevertheAOPisunderobligationtopaythe
10%minimumtaxontheentiregrossreceiptsevenwhenthecorporatesectorsclientshavenotfullydeducted
tax on the same.Conceptual Approach to Taxes ___ 533