[SHEC @ 1% of 2,709 92.989 Tax liability under MAT (B) Final Tax A or B which ever is higher. Tax liability ? 92,989, rounded off to 3 92.990. ILLUSTRATION 13 229 Poly Ltd. is an industrial undertaking set up in notified B category backward district as per section 80 IB of the Income Tax Act . 1961. The undertaking commenced its operations wef. 14.2003. The following is the profit and loss Account of the company for the year ending 31.3.2015 PROFIT AND LOSS A/C To Purchases 45,00,000 By Sales 1.05.00.000 To Manufacturing cost 22,00,000 To Administrative Expenses 5,50,000 To Depreciation 1,50,000 To M.D. remuneration 3,00,000 To Income Tax 3,00,000 To Provision for a pending court case for damages 50,000 To Penalty (Pollution Board) 75,000 To Railway demurrage 5,000 To Net profit c/d 23,70,000 1,05,00,000 1,05,00,000 Additional Informations : (i) The depreciation allowable as per I. Tax rules is 2,00,000. (ii) Administrative expenses include a donation to national children fund of an amount o * 20,000. (iii) The company distributed a dividend of 10,00,000 during the previous year on Novembe 15, 2014. (iv) While charging depreciation in the P and L Account, the company revalued a plant item t a higher figure which resulted in an increase in depreciation by 10,000. Calculate 1. Total Income of the company as per normal provision of I Tax Act. II. Book Profit under section 115JB. III. Final Tax liability (including dividend tax). IV. Tax credit available in future years under section 115JAA