26 February 2013
A Pvt Ltd co. in its return of Income filed for AY 2011-12 on Sept25, 2011: Book Profits = 2 crores Tax payable on total Income as per IT Provisions - NIL because of losses due to depreciation u/s 32 ) MAT payable= 2 crores*18.54%(18%+cesses)= 37,08,000 But the company (due to some confusions) filed return without paying any Tax(MAT) . On Jan 15,2012 company received intimation u/s 143(1) demandind tax(MAT) Rs. 37,08,000+Interest. The company actually did not not claimed the dec\uction of B/f losses or unabsorbed depreciationwhichever is lower to the tune of rs. 2.7 crores from Book Profits as per explanation to sec 115 JB, Now my question is that can the company claim that deduction from book profits by rectifying the order u/s 154 or it need to file revise return before 31.03.2013? Please reply
26 February 2013
Rectification of mistake U/s 154 can be done as the Losses or b/fd Depreciation loss can apparently be seen/verified from the ITR itself. .
CAclubindia
