8.51.295 5.20.202 Final Tax (a) and (b) whichever is Higher i.e., 8,51,295 Calculation of Corporate dividend Tax [under section 115-01 Dividend Distributed Tax @ 15% of 10,00,000 Ald: Education cess @ 2% of tax 10.00.000 1.50.000 3.000 1.53,000 1,500 1.54.500 Add : Secondary and Higher Education Cess (SHEC @ 1% of Tax] Total Dividend Tax Tax liability of Company including corporate dividend tax III (c) Tax liability III (d) Corporation Dividend Tax 8,51.295 1.545 Total Tax Liability 10,05,795 IV. Tar Credit available to Company under section 115JAA Not tax credit is available to company as, it paid tax as per Normal Provisions of I. Tax Ac ILLUSTRATION 14 Z29 R.S. Traders Limited is a company in which the public are substantially interested. It closes in accounts on 31st March every year. During the current year, it has derived the following incomes (a) Profit from the manufacturing unit at Lucknow 4,80.00 (b) Profit from trading activities at Lucknow 1,20,00 (C) Interest on debentures issued by another company which is a 32,00 domestic company producing cement (gross) 12.00 (d) Dividend from a foreign company 2,45,50 (e) Profit from an approved hotel started in May, 2010 at Delhi Capital employed being * 15,00,000 and Normal depreciation * 70,000 has not been charged in the calculation of above profit The company passed on a certain formula for manufacturing tiles to another 2,35.00 39.00 company in Uganda and received royalty there from (8) Brought forward unabsorbed depreciation (h) Book Profits of the company as per sec. 115JB * 23,50,000 You are required to calculate total income and tax liability of the company. (BHU M.Com