115 JB
This query is : Resolved
29 August 2009
while calculating MAT u\s 115JB,what will be book profit in following case:
p & l profit is 612000 including Rent income of Rs.300000(taxable under income from house property)
book profit should be Rs. 612000 or 612000-300000=312000 ?????
p & l profit is 612000 including Rent income of Rs.300000(taxable under income from house property)
book profit should be Rs. 612000 or 612000-300000=312000 ?????
29 August 2009
Book profit in your case is Rs.612000.
This is because for the purpose of computation of book profit u/s 115JB, every company assessee shall prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule VI of the Companies Act, 1956. and hence P & L profit is the starting point of computation of book profit. And if there is no adjustment to be made to the profit then, the profit that has been shown in the profit & loss a/c shall be the book profit for the purpose of section 115JB.
This is because for the purpose of computation of book profit u/s 115JB, every company assessee shall prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule VI of the Companies Act, 1956. and hence P & L profit is the starting point of computation of book profit. And if there is no adjustment to be made to the profit then, the profit that has been shown in the profit & loss a/c shall be the book profit for the purpose of section 115JB.
29 August 2009
Agree with expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
