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Deferred Tax Calculator
Profit/(loss) as per books of accounts Add:- Expenses not deductible under Income tax act Income chargeable under Income tax act Less:- Less:- Income not chargeable under Income tax act Expense chargeable under Income tax act Other adjustments, if any Estimated annual taxable income as per Income tax act. Exclude items (such as capital gains, etc.) which are taxable at different tax rates
Provision for gratuity [Section 43B(b)]
Do not enter amounts here if the TDS is paid on or before the due date for filing return of income
Gratuity asset/ defined benefit asset on gratuity
Provision for leave encashment [Section 43B(f)]
Defined benefit asset on leave encashment
Provision for bonus or commission for the services rendered [Section 43B(c)]
Advance bonus/ commission for the services rendered
Provisions for Contribution to PF, superannuation funds or other funds for the welfare of employees [Section 43B(b)]
Advance contribution to PF, superannuation funds or other funds for the welfare of employees.
Enter DTA as positive amounts and DTL as negative amounts.
WDV of depreciable assets as per Income-tax Act
1.Land should not be depreciated. 2.Revaluation impact should be ignored.
WDV of depreciable assets as per books of accounts
Provision or sums payable for tax, duty, cess, payable and not paid till the date of filing of return. [Section 43B(a)]
Advance payment for tax, duty or cess
Interest (on any loan or borrowing from any public financial institution, loan or advances from a scheduled bank), payable and not paid till the date of filing of return [Section 43B(d) & (e)]
Advance interest paid (on any loan or borrowing from any public financial institution, loan or advances from a scheduled bank)
Provision for bad and doubtful debts [Section 36(1)(vii)]
Business losses
1. Virtual certainity required for creation of deferred tax asset as required by AS 22. 2.Carry forward of losses subject to provisions of Income Tax
Speculative business losses
Long-term capital losses
Short-term capital losses
Loss from house property
Loss from owning and maintaining horse races
Unabsorbed depreciation
Expenses incurred on interest, commission or brokerage, fees for professional/technical services, contractor or sub-contractor payable to a non-resident/ outside India on which tax not deducted and paid
Less:Expenses disallowed in current year [Sec. 40(a)(i)]
Less:Disallowance of last years but paid in current year [Sec. 40(a)(i)]
Expenses incurred on interest, commission or brokerage, fees for professional/technical services, contractor or sub-contractor payable to a resident on which tax not deducted and paid
Less:Expenses disallowed in current year
Less:Disallowance of last years but paid in current year [Sec. 40(a)(ia)]
Advisory: Information relates to the law prevailing in the year of publication/ as indicated . Viewers are advised to ascertain the correct position/prevailing law before relying upon any document. Disclaimer:The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax calculation in all circumstances. It is advised that for filing of returns the exact calculation may be made as per the provisions contained in the relevant Acts, Rules etc.
