Deferred Tax Calc

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)

Page 1
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
Page 3
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

Deferred Tax Calc

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Deferred Tax Calc

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CALCULATION OF DEFERRED TAXATION AS ON 31-MAR-2008

Unabsorbed Depreciation & Business loss

Mat Credit Carried Forward

Total Deferred Taxation

Deferred Taxation Statement

Deferred Tax Liabilities

Profit & Loss Account

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

Deferred Tax Assets/ Liability Account

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

Disallowances Considered seperately under IT. Act.

Allowance under the Income Tax Act / Considered Seperately

Unabsorbed Loss brought forward from previous years

TAX ON BUSINESS INCOME @ 30%

Education Cess & Higher Secondary Education cess @ 3 %

TOTAL TAX PAYABLE

A.Y. 2008 - 2009

Plant & Machinery

Furniture & Fixtures

Net Tax Effect

2 Section 36 and other Provisions

Section 36 provision for Bad Debts

Workings of deferred taxation

Expenses Allowed only on Payment

Expenses disallowed in Income Tax Return

Expenses under Section 35D

As per Accounts Balance

As per Income Tax Balance

Insert as per its Tax Effect

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