Fringe Benefit Tax and MAT calculation
This query is : Resolved
22 September 2008
If while calculating MAT, i take Net Profit before tax, then with respect to Fringe Benefit Tax, what should i deduct from PBT?
a) Provision for FBT or
b) Total FBT Liabilty or
c) Actual FBT paid
Eg: I have PBT = Rs. 1 lakh
Provision for FBT is Rs.50000
Total FBT Liabilty is Rs.30000
FBT paid is Rs.40000
What will be the book profit for MAT?
a) Provision for FBT or
b) Total FBT Liabilty or
c) Actual FBT paid
Eg: I have PBT = Rs. 1 lakh
Provision for FBT is Rs.50000
Total FBT Liabilty is Rs.30000
FBT paid is Rs.40000
What will be the book profit for MAT?
S.Srinivasaraghavan
(Expert)
22 September 2008
Book profit for MAT is Rs i lakh.
Ravikumar.G
(Expert)
23 September 2008
MAT calculation FBT is an allowable expenditure. During the year actual FBT liability is allowable.
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