115jb or full rate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2012
A company is having profit of Rs 1 Lac in the year 2011-12. It has brought forward business losses of Rs 2.50 Lacs but no unabsorbed depreciation. Would it be subject to tax @ 30% on Rs 1 Lac or MAT 18.5% on Rs 1 Lac. Please help. Its urgent.
21 September 2012
As per MAT provisions Lower of Business loss and depriciation is to be reduced while calculating "Book Profits" in present case lower is unabsorbed depriciation therefore nothing is to be deducted:-
Book profit- Rs 1 lac and tax @ 18.5%=18500/-
Normal profit=(150000, i.e after adjusting business loss) tax is NIL
Hence MAT is payable
Book profit- Rs 1 lac and tax @ 18.5%=18500/-
Normal profit=(150000, i.e after adjusting business loss) tax is NIL
Hence MAT is payable
21 September 2012
Agree With the Expert,
MAT is applicable and MAT will be 19.055% of 1 Lakh i.e Rs. 19055.
MAT is applicable and MAT will be 19.055% of 1 Lakh i.e Rs. 19055.
21 September 2012
Agree with the above calculations.
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
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Copyright software
- Value of property in capital gain
- When TDS on GST applied
- Annual return in Gst
- FORM 26A APPLICABILITY
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
