Calculation of Contingent Liabilities:

Management
Particulars Particulars
Accounts
Jan-June'13 July'11 -June'12

Jan-Dec'12 July'10 -June'11

Jan-Dec'11 July'09 -June'10

Fuel
Tax @ 37.5%
Interest @ 10% for 3 years 220 days
Total Tax payable

Jan-Dec'10 July'08 -June'09

Fuel
Tax @ 37.5%
Interest @ 10% for 3 years 220 days
Total Tax payable
Jan-Dec'09
Salary and Allowances
Tax @ 37.5%
Interest @ 10% for 3 years 220 days
Audited Accounts

4,165,000
1,561,875
468,563
2,030,438

3,315,000
1,243,125
448,078
1,691,203

1,156,500
433,688 43,368.75
156,246 130,106.25
589,934
26,140.07
As per Annual Report
Tax on salary
2009 2010 2011 2012
As per F/S 1,156,500 1,194,750 1,315,200 12,578,438
Tax payable @37.5% 448,031 493,200 4,716,914
Interest @ 10% 134,409 98,640 471,691
Total Tax payable 582,441 591,840 5,188,606
Tax amount Paid - -
Net Tax Liability

Tax on Fuel
2009 2010 2011 2012
As per F/S 3,315,000 4,165,000 11,790,220 37,049,170
Tax payable @37.5% 1,561,875 4,421,333 13,893,439
Interest @ 10% 468,563 884,267 1,389,344
Total Tax payable 2,030,438 5,305,599 15,282,783
Tax amount Paid - - -
Net Tax Liability

Tax on Directors remuneration

2009 2010 2011 2012
As per F/S 648,000 648,000 2,800,000
Tax payable @37.5% 243,000 243,000 1,050,000
Interest @ 10% 72,900 72,900 315,000
Total Tax payable 315,900 315,900 1,365,000
Tax amount Paid - - -
Net Tax Liability
As per Management report
Tax on salary
2010 2011 2012
As per F/S 1,212,200 10,608,399 12,578,438
Tax payable @37.5% 454,575 3,978,150 4,716,914
Interest @ 10% 136,373 795,630 471,691
Total Tax payable 590,948 4,773,780 5,188,606
Tax amount Paid
Net Tax Liability

Tax on Fuel
2010 2011 2012
As per F/S 4,960,641 36,897,150 37,049,170
Tax payable @37.5% 1,860,240 13,836,431 13,893,439
Interest @ 10% 558,072 2,767,286 1,389,344
Total Tax payable 2,418,312 16,603,718 15,282,783
Tax amount Paid
Net Tax Liability

Tax on Directors remuneration

2010 2011 2012
As per F/S 3,240,000 9,416,962 2,800,000
Tax payable @37.5% 1,215,000 3,531,361 1,050,000
Interest @ 10% 364,500 706,272 105,000
Total Tax payable 1,579,500 4,237,633 1,155,000
Tax amount Paid
Net Tax Liability
448,078 1,243,124 10% 124312.4

3.604451366 220.6247
0.604451366