I have mailed this to efiling.administrator@incometaxindia.gov.in after contacting Toll free help line of e-filing. Till date no reply therefrom
PROBLEM is as under:
I am using 2012_ITR-5_PR10.xls for preparing ITR of my client.
I am facing problem with
(Unabsorbed Depreciation) UD sheet. Relavance of column 4 is not clear
while in each row I am entering earlier AY of which UD is B/F for
adjustments
Sheet UD
|
Amount of depreciation of the current year (4) |
Next total amount coming in column 5 is not going automatically to sheet CYLA BFLA in row 21F under Brought forward
depreciation set off and if figure is filled manually in this cell and when we press the "Calculate Tax" button on sheet Part B this amount (in cell 21F) becomes 0 (zero) and tax has been calculated on the resultant amount of profit. Screen shots are of the sheets are here
depreciation set off and if figure is filled manually in this cell and when we press the "Calculate Tax" button on sheet Part B this amount (in cell 21F) becomes 0 (zero) and tax has been calculated on the resultant amount of profit. Screen shots are of the sheets are here
Sheet UD
Sheet CYLA BFLA
| Schedule BFLA | Details of Income after Set off of Brought Forward Losses of earlier years | ||||||
| BROUGHT FORWARD LOSS ADJUSTMENT | Sl. No. |
Head/ Source of Income | Income after set off, if any, of current year’s losses as per 5 of Schedule CYLA) |
Brought forward loss set off |
Brought forward depreciation set off |
Brought forward allowance under section 35(4) set off |
Current year’s income remaining after set off |
| 1 | 2 | 3 | 4 | 5 | |||
| i | House property | 0 | 0 | 0 | 0 | 0 | |
| ii | Business (excluding speculation income) |
1881145 | 72455 | 0 | 0 | 1808690 | |
| iii | Speculation Income | 0 | 0 | 0 | 0 | 0 | |
| iv | Specified business income | 0 | 0 | 0 | 0 | 0 | |
| v | Short-term capital gain | 0 | 0 | 0 | 0 | 0 | |
| vi | Long-term capital gain | 0 | 0 | 0 | 0 | 0 | |
| viii | Other sources income (excluding profit from owning race horses and winning from lottery) | 0 | 0 | 0 | 0 | 0 | |
| viii | Profit from owning and maintaining race horses | 0 | 0 | 0 | 0 | 0 | |
| ix | Total of brought forward loss set off | 72455 | 0 | 0 | |||
| x | Current year’s income remaining after set off Total (i5+ii5+iii5+iv5+v5+vi5 +vii5+viii5) | 1808690 | |||||
Sheet PART B
| 3 | Capital gains |
False False False Pict False False False Pict
| |||||||||
| a | Short term | ||||||||||
| i | Short-term (under section 111A) (A7 of Schedule-CG) (enter nil if loss) | 3ai | 0 | ||||||||
| ii | Short-term (others) (A8 of Schedule-CG) (enter nil if loss) | 3aii | 0 | ||||||||
| iii | Total short-term (3ai + 3aii) | 3aiii | 0 | ||||||||
| b | i | Long-term with indexation [(B6-B4e) of Schedule-CG] (enter nil if loss) | 3bi | 0 | |||||||
| ii | Long-term without indexation (B 4e of Schedule-CG) (enter nil if loss) | 3bii | 0 | ||||||||
| iii | Total Long Term Capital Gain(3bi+3bii) (enter nil if loss) | 3biii | 0 | ||||||||
| c | Total capital gains (3aiii + 3biii)(take the figure adjusted to Schedule CYLA) | 3c | 0 | ||||||||
| 4 | Income from other sources | ||||||||||
| a | from sources other than from owning race horses (3 of Schedule OS) (enter nil if loss) | 4a | 0 | ||||||||
| b | from owning race horses (4c of Schedule OS) (enter nil if loss) | 4b | 0 | ||||||||
| c | Total (4a + 4b)(enter nil if loss) | 4c | 0 | ||||||||
| 5 | Total (1 + 2iv + 3c +4c) | 5 | 1881145 | ||||||||
| 6 | Losses of current year to be set off against 5 (total of 2ix,3ix and 4ix of Schedule CYLA) | 6 | 0 | ||||||||
| 7 | Balance after set off current year losses (5 - 6) | 7 | 1881145 | ||||||||
| 8 | Brought forward losses to be set off losses against 6 (total of 2ix, 3ix and 4ix of Schedule BFLA) | 8 | 72455 | ||||||||
| 9 | Gross Total income (6– 7 – 8) (also 5x of Schedule BFLA) | 9 | 1808690 | ||||||||
| 10 | Deductions under Chapter VI-A ( l of Schedule VIA) | 10 | 0 | ||||||||
| 11 | Total income (9-10) | 11 | 1808690 | ||||||||
| 12 | Net agricultural income/ any other income for rate purpose (4 of Schedule EI) | 12 | 0 | ||||||||
| 13 | ‘Aggregate income’ (11 + 12) | 13 | 1808690 | ||||||||
| 14 | Losses of current year to be carried forward (total of xi of Schedule CFL) | 14 | 0 | ||||||||
| Part B - TTI | Computation of tax liability on total income | ||||||||||
| COMPUTATION OF TAX LIABILITY | 1 | a | Tax Payable on deemed total Income under section 115JB (4 of Schedule AMT) | a | 0 | ||||||
| b | Education Cess on (Ia) above | b | 0 | ||||||||
| c | Total Tax Payable | c | 0 | ||||||||
| 2 | Tax payable on total income | ||||||||||
| a | Tax at normal rates | 2a | 542607 | ||||||||
| b | Tax at special rates (11 of Schedule-SI) | 2b | 0 | ||||||||
| c | Tax Payable on Total Income (2a + 2b) | 2c | 542607 | ||||||||
| Rebate | 0 | ||||||||||
| Balance Tax Payable | 542607 | ||||||||||
| 3 | Education Cess, including secondary and higher education cess on (2c ) | 3 | 16278 | ||||||||
| 4 | Gross tax liability | 4 | 558885 | ||||||||
| 5 | Gross tax payable (higher of 4 or lc) | 5 | 558885 | ||||||||
| 6 | Credit under section 115JD of tax paid in earlier years (if 4 is more than 1c) ( 5 of Schedule AMTC) |
6 | 0 | ||||||||
| 7 | Tax payable after credit under section 115JD (5 – 6) | 7 | 558885 | ||||||||
| 8 | Tax relief | ||||||||||
| a | Section 90/90A (1B1 of Schedule TR) | 8a | 0 | ||||||||
| b | Section 91(1B2 of Schedule TR) | 8b | 0 | ||||||||
| c | Total (8a + 8b) | 8c | 0 | ||||||||
| 9 | Net tax liability (7 – 8c) | 9 | 558885 | ||||||||
| 10 | Interest payable | ||||||||||
| a | For default in furnishing the return (section 234A) | 10a | 0 | ||||||||
| b | For default in payment of advance tax (section 234B) | 10b | 33528 | ||||||||
| c | For deferment of advance tax (section 234C) | 10c | 20675 | ||||||||
| d | Total Interest Payable (8a+8b+8c) | 10d | 54203 | ||||||||
| 11 | Aggregate liability (9 + 10d) | 11 | 613088 | ||||||||
| TAXES PAID | 12 | Taxes Paid | |||||||||
| a | Advance Tax (from Schedule-IT) | 12a | 0 | ||||||||
| b | TDS (Total of Schedule-TDS2) | 12b | 0 | ||||||||
| c | TCS (Total of Schedule-TCS) | 12c | 0 | ||||||||
| d | Self Assessment Tax (from Schedule-IT) | 12d | 0 | ||||||||
| e | Total Taxes Paid (12a+12b+12c + 12d) | 12e | 0 | ||||||||
| 13 | Amount payable (Enter if 9 is greater than 10e, else enter 0) | 13 | 613088 | ||||||||
| 14 | Refund (If 10e is greater than 9, also give the bank account details in Schedule-BA) | 14 | 0 | ||||||||
EARLY REPLY IS NEEDED
Thanks
--
CA. Mukesh Saran
