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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Change Of Karta In Case of Death
- GST Intimation due to Government took possession of Business Premises under PPE Act
- UDIN ISSUE
- SALARY CAN BE CAPITALIZE
- Tax rate change regarding
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- 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
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
