Calculation of MAT
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 November 2010
Dear Sir, Can u clarify the following point ? Whether income from capital gain is to be included in book profit of the Company.? For e. g. a Company shows the profit before tax of 1,00,00,000/- including the long term gain of 16,00,000 which is exempted from tax. What amount of book profit should i take for calculation of MAT u/s 115JB. Whether 1,00,00,000/- or 84,00,00,000/- Further if the above mentioned capital gain is taxable under the income tax @ 20% than how i calculate the MAT u/s115JB of income tax act & tax on long term capital gain.
Prachi Parekh
(Expert)
23 November 2010
Capital gains would be included in the book profits, if such capital profits have been credited to the profit n loss account.
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