FIN623 Solution

 NATIONAL COMPANY LIMITED
TAX YEAR: 2009

TAX YEAR ENDED: 30.6.2009

RESIDENTIAL STATUS: RESIDENT

COMPUTATION OF TAXABLE INCOME AND TAX PAYABLE


Rs. Rs.

Profit as per profit and loss account 1875800

Add: Inadmissible expenses:
Administration expenses 127000
Rent and rates 36000
Legal charges 12000
Underwriting commission 1450
Reserve for taxation 393000
Depreciation 190000
Bad debt 3000
775500
2651300
Less: Dividend 47500
Income tax refund 14000 61500
Taxable income 2589800
Computation of Tax payable:

Income tax on 2589800 . of 35% 906430
Tax on separate block of income
Dividend taxation on 47500 . of 7.5% 3562.5
Total Tax liability 909992.5
Less: Tax deducted at source from separate block 3562.5
Tax payable Rs.906430

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