For example:
yr1 yr2 yr3 yr4 yr5
MAT 100 100 100
Normal tax 0 0 0 200 100

Can we sett off the payment of MAT in yr 1 2 3 with yr 4 & 5.

whether a company can accept advance against share capital even if its authorised capital is fully paid up ?

Can a director who has attracted disqualification u/s 274(1)(g) be eligible for reappointment in the same company (i.e is defaulting company)?
(Should reasonable or literal interpretation be followed)

Dear All,
my query is regarding accounting of UPS & batteries, which are purchased for use when electricity is going down. it is right to accounting of ups in computer head.

PLease clarify can we sett off the payment of minimum alternate tax with the normal income tax. if yes then in how many years we have to set off our payment of MAT.


vikash

FBT is not a tax on Income

FBT is a tax on expenses

Is FBT applicable when some one is not claiming those expenses at all?

Two scenarios:

01. When a company's total income is exempted, the company can prepare memo of Income by disallowing the expenses subject to FBT and arrive at profit / loss. Suich profit is escalated to the extent of expenses subject to FBT. However, the profit is not taxable, since exempted.

02. When a company's Carry Forward Loss is huge and by not claming expenses subject to FBT the profit can be arrived.

Since this action doesn't have any impact on Book Profit, the status of MAT liability may not undergo any alteration.

Please clarify

We have purchased 20 machines from USA in the last 2 years for 10-12 lakh each from shutdown units. The actual cost of each these units today is approx. 90 lakhs new.
Can we revalue these machines and claim depreciation on the revalued amount and will Income Tax allow this?

why capital redemption reserve & security premium are not use for convertion of partly paid up share into fully paid up share through issue of bonus share?
please give me reply fast.i am waiting for your reply about it.

Sir, I had applied for PCC registration on the month of April, but had not submitted form 112 as college holidays were going on, which caused the institute to sent an discrepancy letter requiring form 112. While submitting form 103, I had mentioned my second year's timing which clashed the new schedule laid down by ICAI from 1st April 2008.
My new college timing also clashing with that of the articleship timing.
So how could I continue the registration or terminte from it.

Hello Experts,

Our co. manufactures conveyor belts. Raw material used is all types of steel (M.S., S.S.). So what is the annual sale amount on which excise would come into existence for our company.