Applicability of MAT
This query is : Resolved
VISWESWARA RAO
(Querist)
27 April 2011
Dear Friends
Please clarify Private or Public limited Company is required to compute Book Profit u/s 115JB of the I.T.Act even though there is no Book Profit.
Example
Other Income - NIL
Ag Income - 6,00,000
Less : Expenses (Including Ag Expenses)- 3,00,000
==========
Net Profit as per P&L A/c 3,00,000
=====
The Company has not computed MAT as the profit is exempt u/s 10 of the I.T.Act but AO is asking for compute the Book Profit by claiming exemption and asking for submit the Audit Report in Form 29B.
If Book Profit is calculated by claiming exemption as per Explanation 1 of Section 115JB. The Company is required to get Report from the Auditor.
Please let me know exact situation to compute Book Profit and get the Audit Report in Form 29B.
Thanks in Advance
K.K.VISWESWARA RAO
Tax Advocate.
Please clarify Private or Public limited Company is required to compute Book Profit u/s 115JB of the I.T.Act even though there is no Book Profit.
Example
Other Income - NIL
Ag Income - 6,00,000
Less : Expenses (Including Ag Expenses)- 3,00,000
==========
Net Profit as per P&L A/c 3,00,000
=====
The Company has not computed MAT as the profit is exempt u/s 10 of the I.T.Act but AO is asking for compute the Book Profit by claiming exemption and asking for submit the Audit Report in Form 29B.
If Book Profit is calculated by claiming exemption as per Explanation 1 of Section 115JB. The Company is required to get Report from the Auditor.
Please let me know exact situation to compute Book Profit and get the Audit Report in Form 29B.
Thanks in Advance
K.K.VISWESWARA RAO
Tax Advocate.
CA MANOJ GUPTA
(Expert)
28 April 2011
dEAR SIR
SECTION 115JB IS A MANDATORY PROVISOIN SO U WLD HAVE TO COMPLY WITH IT
CA MANOJ GUPTA
JODHPUR
09828510543
SECTION 115JB IS A MANDATORY PROVISOIN SO U WLD HAVE TO COMPLY WITH IT
CA MANOJ GUPTA
JODHPUR
09828510543
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