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Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2012 Suppose in Year 10-11, a Company Book Loss 115jb is 15 Lacs,

But After Adjusting Income Tax Depreciation & other related Adjustedment, Loss as Per Income Tax is 17 Lacs.

Now in Year 2011-12 (i.e. next year):-

profit is comin as per book profit is 20 lacs, and as per income tax is 17 lacs.

then as per income tax rules:-
17 lacs-17 lacs of last year - no tax is payable,

but as per section 15jb:-

on 20 lacs MAT is payable, or 20 lacs - 15 lacs (last year book loss) 5 lacs tax is payable???

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2012 Again Simplifying my Query:-

Year Book Prft/Loss115JB IT Profit/Loss
2010-11 (15 Lacs) (17 Lacs)
2011-12 20 Lacs 17 Lacs

What is Tax Payable in Year 2011-12 as Per MAT 115JB.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 September 2012 1) 2010 -11, Find out the business loss and depreciation as per books of accounts. Note down the least among the two.
ii) 2011-12, Deduct the above figure from the profit of Rs. 20 lakhs. Calculate MAT on the balance figure so arrived at.

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2012 Thanks You sir.

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