2nd Query! Income tax
This query is : Resolved
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 ?
pl adv if tax liability changes.
wat is MAT ?
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
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
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.
04 January 2008
MAT----- MIN ALTERNATIVE TAX.
ITS COMPUTED ON NET AMOUNT.
NO LIABILITY WILL ATTRACT
ITS COMPUTED ON NET AMOUNT.
NO LIABILITY WILL ATTRACT
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
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Rental income gst and it purpose
- Experts need help
- Management System (IMS)
- Reprocessing of rectification order AY 2025-26
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- 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
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
