Our company has a factory each in Karnataka and Uttarakhand. We prepare a consolidated balance sheet and profit and loss account for the company, and also a separate balance sheet for the branch in Uttarakhand. There are no sales from Uttarakhand, only stock transfers to our other branches. Therefore, while submitting the Form D return, which is the financial statement that forms the basis for the returns, should we include the consolidated balance sheet and profit and loss account or should we include the balance sheet and P&L prepared separately for the Uttarakhand unit?
From India, Bangalore
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From India, Bangalore
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Based on the Profit and loss account, you have to work the bonus calculation as per the Annexure Bonus Act for all the workmen . The method for calculation of annual bouns is as follow:
Calculate the gross profit profit in the manner specified in-
First Schedule, in case of a banking company, orSecond Schedule, in any other case.
Calculate the Available Surplus.
Available Surplus = A+B, where A = Gross Profit – Depreciation admissible u/s 32 of the Income tax Act - Development allowance - Direct taxes payable for the accounting year (calculated as per Sec.7) – Sums specified in the Third Schedule.
B = Direct Taxes (calculated as per Sec. 7) in respect of gross profits for the immediately preceding accounting year – Direct Taxes in respect of such gross profits as reduced by the amount of bonus, for the immediately preceding accounting year.
Calculate Allocable Surplus
Allocable Surplus = 60% of Available Surplus, 67% in case of foreign companies.
Make adjustment for ‘Set-on’ and ‘Set-off’. For calculating the amount of bonus in respect of an accounting year, allocable surplus is computed after considering the amount of set on and set offf from the previous years, as illustrated in Fourth Schedule.
The allocable surplus so computed is distributed amongst the employees in proportion to salary or wages received by them during the relevant accounting year.
From India, Madras
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302Calculate the gross profit profit in the manner specified in-
First Schedule, in case of a banking company, orSecond Schedule, in any other case.
Calculate the Available Surplus.
Available Surplus = A+B, where A = Gross Profit – Depreciation admissible u/s 32 of the Income tax Act - Development allowance - Direct taxes payable for the accounting year (calculated as per Sec.7) – Sums specified in the Third Schedule.
B = Direct Taxes (calculated as per Sec. 7) in respect of gross profits for the immediately preceding accounting year – Direct Taxes in respect of such gross profits as reduced by the amount of bonus, for the immediately preceding accounting year.
Calculate Allocable Surplus
Allocable Surplus = 60% of Available Surplus, 67% in case of foreign companies.
Make adjustment for ‘Set-on’ and ‘Set-off’. For calculating the amount of bonus in respect of an accounting year, allocable surplus is computed after considering the amount of set on and set offf from the previous years, as illustrated in Fourth Schedule.
The allocable surplus so computed is distributed amongst the employees in proportion to salary or wages received by them during the relevant accounting year.
From India, Madras
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Thank you for your reply. However, my main query remains unanswered. That is, which financial statement forms the basis for the returns: the consolidated balance sheet and profit and loss account of the entire company, or the balance sheet and profit and loss statement prepared separately for the Uttarakhand branch?
From India, Bangalore
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From India, Bangalore
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BONUS FORM-C.xls
BONUS FORM A B C D.doc