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3. Analysing Computation Of Total Income And Book Profit

Whether following expenditure are allowed as deduction in computing

Total Income

Book Profit

Income Tax including corporate dividend tax

No

No

Wealth Tax

No

Yes

Income Tax or Wealth Tax

No

Yes

Any other penalty lived in any other law

No

Yes

Reserves

No

No

Ascertained liability

Yes

Yes

Unascertained Liability

No

No

Provision for ascertained liability

No

Yes

Provision of Unascertained Liability

No

No

Loss of subsidiary Co.

No

No

Provision for losses of Subsidiary Co.

No

No

Dividend

No

No

Whether deductions u/s 80C to 80U allowed

Yes

No

Whether Incomes referred to in section 10, 10A. 10B, 11 and 12 can be claimed as exempt

Yes

Yes

Whether incomes referred to in section 10(23G) and 10BA can be claimed as exempt

Yes

No

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Corporate Tax ( MEANING & CONCEPT)

COMPUTATION OF BOOK PROFIT

ANALYSING COMPUTATION OF TOTAL INCOME AND BOOK PROFIT

AMOUNTS EXPRESSLY ALLOWED AS DEDUCTION

EC. 40A : AMOUNT EXPRESSLY DISALLOWED AS DEDUCTION

SEC. 35 : EXPENDITURE ON SCIENTIFIC RESEARCH 

SEC. 35D : AMORTISATIN OF CERTAIN PERLIMINARY EXPENSES

RESTRICTION ON DEDUCTIONS

[SECTION 115JB]  MINIMUM ALTERNATIVE TAX (MAT)

CARRY FORWARD AND SET-OFF LOSES

TAX ON DISTRIBUTED PROFITS OF DOMESTIC COMPANIES [ Sec. 115-O ]

 
 
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