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MADANAPALLE INSTITUTE OF TECHNOLOGY & SCIENCE,

(Autonomous)

ASSIGNMENT - 2

Name of Student : N. Vijay Kumar


Reg. No. : 17691E00L5
Department : Management Studies
Course Title & Code : corporate tax planning(16MBA407)
Semester : III
Academic Year : 2017-18
Name of the Faculty : Dr. K. Thulasi krishna

Marks Allotted Max. Marks Signature of the Faculty

Assignment – 2 5
Bhagyanagar properties LTD profit&loss Account Reports

Profit & Loss ------------


account of ------- in
Bhagyanagar Rs. Cr. ---
Properties ------------
----

Mar 18 Mar-18 Mar-17 Mar-16 Mar-15

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From 927.72 922.09 1315.66 1716.26 1572.82
Operations
[Gross]
Revenue From 918.67 922.09 1256.19 1648.10 1518.34
Operations
[Net]
Total 922.09 922.09 1270.94 1671.14 1565.37
Operating
Revenues
Other Income 8.37 8.37 7.58 10.93 12.26

Total Revenue 930.45 930.45 1278.52 1682.07 1577.63

EXPENSES
Employee 24.16 24.16 23.63 23.61 22.81
Benefit
Expenses
Finance Costs 135.52 135.52 157.44 122.73 127.63

Depreciation 29 29 29.76 26.54 25.02


And
Amortisation
Expenses
Other 52.03 118.67 16.39 29.95 30.89
Expenses
Total 1097.56 1097.57 1384.06 1668.40 1542.87
Expenses
Mar-18 Mar-18 Mar-17 Mar-16 Mar-15

12 mths 12 mths 12 mths 12 mths 12 mths


Profit/Loss -167.11 -167.11 -105.54 13.67 34.76
Before
Exceptional,
ExtraOrdinary
Items And Tax

Profit/Loss -214.69 -214.69 -158.84 13.67 34.76


Before Tax

Tax Expenses-Continued
Operations
Current Tax 0.00 -44.56 0.00 0.00 0.00

Less: MAT 0 0.03 0 0 0


Credit
Entitlement
Tax For Earlier 0.00 0.00 0.23 0.00 -0.11
Years

Total Tax -44.56 -44.56 -1.68 6.28 6.31


Expenses
Profit/Loss -170.13 -170.13 -157.16 7.39 28.46
After Tax And
Before
ExtraOrdinary
Items

Profit/Loss -170.13 -170.13 -157.16 7.39 28.46


From
Continuing
Operations

Profit/Loss -170.13 -170.13 -157.16 7.39 28.46


For The Period

Solution:
Computation of Tax Liability of Bhagyanagar properties LTD for the Assessment Year
2016-17 & 2017-18
10-Jul 2017
Particulars Amount (in Amount (in Amount (in Amount (in
Crores) Crores) Crores) Crores)
0.51 1.13
Net Profit as per Profit & Loss
Account

Add:- Expences Disallowed but


debited to P & L A/C
0.1 0.1
1) depreciation and amartisation

2) Total Tax Expences 0.8 0.9 1.09 1.19


1.41 2.32
Less:-Incomes of other Heads
1) Other Income 0.57 0.57 0 0
Taxable Income / Business Income 0.84 2.32

Tax @ 25% on Business Income 0.21 0.58


Add:- Surcharge @ 12% 0.0252 0.0696
0.2352 0.6496
Add:-Education Cess @3% 0.007056 0.019488
Tax liability 0.242256 0.669088