2nd Query! Income tax

This query is : Resolved

shruti (Querist)
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19 December 2007 this profit of 20-25 lc is the gross profit w/o taking into consideration any expenses.

pl adv if tax liability changes.

wat is MAT ?

CA. Vineet Grover

CA. Vineet Grover (Expert)
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19 December 2007 Hi Shruti,

MAT is the minimum alternate tax. MAT is applied when the tax under normal provisions is less than MAt. We generally see such instances when there are brought forward losses.

I have already sent you the computaiton of tax. Tax liability shall not change.

Rgds/

Vineet

Ravikumar.G

Ravikumar.G (Expert)
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19 December 2007 MAT is calculated only from the Net Profit and not from the Gross profit. From the Net profit some of the expenditure like FBT are allowable expenditure and some deductions under chapter VIA also applicable.

Amit Sharma

Amit Sharma (Expert)
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04 January 2008 MAT----- MIN ALTERNATIVE TAX.

ITS COMPUTED ON NET AMOUNT.

NO LIABILITY WILL ATTRACT

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