AS 22
This query is : Open
24 December 2009
Dear Friends
I am working in company which have two manufacturing Unit. Out of These Two one unit in situtated in Specified area and its profit is 100% exempt from tax US 80IB. Company is paying MAT on its profit as its one unit profit is 100% exempt. Company has track record of earning profit and it is estimated that it will earn profits in forseeable future to.
I want to know how to treat MAT credit available for compulation of defferecr tax asset/liability.
Kindly clarify.
I am working in company which have two manufacturing Unit. Out of These Two one unit in situtated in Specified area and its profit is 100% exempt from tax US 80IB. Company is paying MAT on its profit as its one unit profit is 100% exempt. Company has track record of earning profit and it is estimated that it will earn profits in forseeable future to.
I want to know how to treat MAT credit available for compulation of defferecr tax asset/liability.
Kindly clarify.
26 December 2009
If there is a virtual certainty of earning profits as you have stipulated in your query, you can claim Mat credit available as per As-22.
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
