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.
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