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Mat

This query is : Resolved 
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(Querist)
04 September 2012 Dear friends help me
My business had a profit this yr and entire profit is set off against prev yr losses b/fwd. I have mat credit too.Should i pay MAT on this year's book profits?
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CA Navin Jain

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CA Navin Jain (Expert)
04 September 2012 clear previous losses wt amt of business losses and unabsorbed depreciation?
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Shwetha Krishnan

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Shwetha Krishnan (Querist)
05 September 2012 profit this year is 6lacs.. entire 6 lacs can be set off against prev.yr losses... should i pay MAT on 6lacs even if i have taxable income as per IT as nil?
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CA Navin Jain

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CA Navin Jain (Expert)
05 September 2012 No need to pay mat is your case.

But is want to clear one thing the while calculating of book profit you can set off
whichever is less
pervious year loss
or
unabsorbed depreciation

so you need to check that perious year loss of rs. 6 lakh fulfil the above mentioned condition or not?
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Shwetha Krishnan

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Shwetha Krishnan (Querist)
05 September 2012 Thank you for ur reply and i'l see to wat u said
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