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Bonus register for Allocable Surplus, Other Topics

Issue Id: - 116786
Dated: 12-10-2020
Bonus register for Allocable Surplus

  • Contents

Dear Respected members,

Greetings! Having following queries in respect of Bonus register for Allocable Surplus as per payment of Bonus Act:--

1) For Finding gross profit and to deduct Capital Gain on sales of Assets as per Schedule 2, whether only those Assets are to be considered where Depreciation in Income TAx Act is not allowed..

2) For Finding Available Surplus, refer Sec 7 read with Sec 6, no account to be given to Unabsorbed depreciation and losses.. Whether if we have paid MAT, then too, we have to recalculate the Income TAx by avoiding Unabsorbed depreciation and Loss.

3) Also for Sec 6, For Income Tax, if we have Special Income like Long term capital gain, then same also needs to be deducted for finding Available Surplus.

4) As per Sec 2(4), for Allocable Surplus, if we have no Dividend proposed, then whether 67% rate to be used.

5) For Amount Set On/Set Off, as per understanding from Sec 16, no need for such amount for First 6 years. Please confirm.

Thanks in anticipation of doing needful.

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