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CALCULATION OF DEFERRED TAXATION AS ON 31-MAR-2008

Particulars
Amortisation of Amalgmation Expenses

Amount
-

Tax Rate
33.99

Amount
-

Fixed Assets
Difference in Block Value of Fixed Assets

33.99

Provisions
Provision for
Provision for
Provision for
Provision for

33.99
33.99
33.99
33.99

Unabsorbed Depreciation & Business loss

33.99

Mat Credit Carried Forward

Doubtful Debts
gratuity & Leave encashment
Irrecoverable Advances
leave encashment

Total Deferred Taxation

Deferred Taxation Statement


SCHEDULE FORMING PART OF ACCOUNTS:Deferred Tax Assets

SCH.

Depreciation
Accrued Expenses deductible on payment
Preliminary Expenditure
Other Effects
Provision of doubtful debts and advances

1
2
3
4
5

Total

Current Year

Previous Year

302,063,623.85
-

302,063,623.85

Deferred Tax Liabilities


Depreciation
Preliminary Expenditure
Other Effects
Provision of doubtful debts and advances

1
2
3
4

Total
Net Deffered Tax Asset/(Liabilities)

302,063,623.85

ACCOUNTING ENTRIES :1

Profit & Loss Account


Deferred Tax Liabilities/ Asset Account

Dr.
Cr.

[Effect of change in deferred tax liability for the year]


2

Deferred Tax Assets/ Liability Account


Profit & Loss Account

Dr.
Cr.

Recognition of Deferred tax assets to the extent of deferred tax liability)


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Computation for Tax for the period ended on March 31, 2008
Profit/(Loss) as per P&L A/c
Add
344000
342001

330109
Less

Disallowances Considered seperately under IT. Act.


Depreciation as per Books
Loss on sale of assets
Amortised cost of programmes
allowed in earlier year
Expenditure of Capital Nature
Provision for leave encashment
Provision for gratuity

Allowance under the Income Tax Act / Considered Seperately


Depreciation as per I T Act
Dividend income exempt u/s. 10(35)
272000/330110 Leave Encashment paid
Amortised cost of Movies & Animation Programmes

Unabsorbed Loss brought forward from previous years


BUSINESS INCOME C/F. FOR SETOFF IN NEXT A.Y

TOTAL INCOME

TAX ON BUSINESS INCOME @ 30%

Add

SURCHARGE @ 10%

Add

Education Cess & Higher Secondary Education cess @ 3 %

Less

TOTAL TAX PAYABLE


PAYABLE/(REFUND)
Assumptions
- Programming cost have been claimed at 100%. i.e. no inventorisation considered

A.Y. 2008 - 2009


Fixed Assets - Depreciation (As per Income Tax Act, 1961.)
Particulars

WDV
As on
01.04.2007

Additions
Upto
After
30.09.2007
01.10.2007
More than six
Less than six
months
months

Deletions/
Sales

Total

Depreciation
Rate

Depreciation

WDV
As on
31.03.2008

Plant & Machinery

15.00%

Furniture & Fixtures

10.00%

Computers

60.00%

Office Equipments

15.00%

Leasehold Improvements

10.00%

Total

1 Depreciation
Asset Group

WDV As per
Income-Tax
Act

Buildings
Plant & Machinery
Furniture and Fixtures
Office Equipments
Vehicles
Goodwill
Computer
Tools

Deferred
liability
-

Total

Net Tax Effect

Particulars

As per Income
Tax

Deferred
asset
-

2 Section 36 and other Provisions

WDV As per
Companies
Act

Balance as
per Books

Deferred
tax asset

Deferred Tax
liability

Section 36 provision for Bad Debts


Provision against Doubtful Debts
Provision for loans and advances
Provision for dimunition in value of Investment

Total

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Workings of deferred taxation


2

Expenses Allowed only on Payment


Charged to Books
Section 43/B of Income Tax Act,1961
a Any sum Payable as Cess, Tax, Duty
b Contribution to P.F.
Gratuity
c Bonus
d Interest on loan from Public Financial Inst.
e Interest on term loan from Co-operative
Bank
f Sum Payable by employer in lieu of
leave at the credit of employee

Paid Before
due date
-

Total

Difference

Tax Effect

Expenses disallowed in Income Tax Return


Expense u/s 37
a
b
c
d

Personal Expenses
Prior Period Expenses
Penalties
Capital Expenditure
Total
Tax Effect

Expenses under Section 35D

As per Accounts Balance

As per Income Tax Balance

Difference

Tax Effect
See instructions

Other Effects
Deferred tax asset
a
b
c
d

Deferred Tax
liability

Insert as per its Tax Effect


VRS to the extent not written off
Dimunition in the value of investments
Carried Forward Business Loss & Depreciation
Other Effects

Total

Tax Effect