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  • 8 Tax Case

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    Dharmil Oza
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    The document shows financial information for a company over 7 years including pre-tax profits, depreciation amounts under different methods, taxable income, corporate tax amounts, minimum alternate tax, tax credits, and deferred tax liability. In year 3, the company had tax losses carried forward from prior years that were set off against profits. The deferred tax liability decreased each year as the temporary differences between accounting profits and taxable income decreased over time.

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    The document shows financial information for a company over 7 years including pre-tax profits, depreciation amounts under different methods, taxable income, corporate tax amounts, minimum alternate tax, tax credits, and deferred tax liability. In year 3, the company had tax losses carried forward from prior years that were set off against profits. The deferred tax liability decreased each year as the temporary differences between accounting profits and taxable income decreased over time.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    9 views5 pages

    8 Tax Case

    Uploaded by

    Dharmil Oza
    The document shows financial information for a company over 7 years including pre-tax profits, depreciation amounts under different methods, taxable income, corporate tax amounts, minimum alternate tax, tax credits, and deferred tax liability. In year 3, the company had tax losses carried forward from prior years that were set off against profits. The deferred tax liability decreased each year as the temporary differences between accounting profits and taxable income decreased over time.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 5

    Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7

    PBT <== CA 100 100 100 100 100 100 100


    Dep-SLM 100 100 100 100 100 100 100
    DEP-IT (Accelerated) 300 300 150
    Taxable Income

    CARRY FORWARD TAX LOSS SCHEDULE

    BOP CFL
    ADDITIONS - CFL
    SETOFF - CFL
    EOP CFL

    GROSS TAXABLE INCOME 0 0 0 50 200 200 200


    CORPORATE TAX 30% 0 0 0 15 60 60 60

    PBT 100 100 100 100 100 100 100


    TAX EXPENSE 30% 30 30 30 30 30 30 30

    MIN ALT TAX


    MAT 20% 20 20 20 20 20 20 20

    TAX PAYABLE

    MAT CREDIT SET-OFF

    BOP-MAT CREDITS
    ADDITION-CREDITS
    SET-OFF CREDITS
    EOP CREDITS

    NET TAX PAYABLE

    CHANGE IN DTL (ITE - ITP)


    DTL
    12

    10

    0
    1 2 3 4 5 6 7 8
    Year-8

    100
    50

    150
    45 240

    100
    30 240

    20

    -240

    7 8
    MCA MOF 1
    2
    REGISTER IT DEPT 3
    R&D ROC
    10MN IN RESEARCH 10/4
    NOT TO BE CAPITALISE FIN STAT FIN STAT
    COMPANY'S ACT INCOME TAX ACT

    ANNUAL REPORT==> IS/BS/CFS IS/BS/CFS


    GAAP DEP==> SLM GAAP DEP===> ACCELERATED
    SLM WDV
    PBT TAXABLE INCOME (PBT)
    TAX EXP TAX PAYABLE

    DEFERRED TAXATION MISMATCH

    PBDT PBDT
    DEP-SLM DEP-ACC DEP
    PBT TAXABLE INCOME
    CF TAX LOSSES
    MAT
    DEFERRED TAX
    BREAK
    3.30 PM

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