Mat
This query is : Resolved
23 December 2013
How to calculate the MAT in case FY is not matching..
for example As per the Income Tax the FY is from April to March. but the company is following calender year as its FY i.e Jan to Dec..
for example As per the Income Tax the FY is from April to March. but the company is following calender year as its FY i.e Jan to Dec..
24 December 2013
The answer to your question lies in Section proviso to Section 115JB(2).
In this case you will have to prepare financial statemnts by using the financial statements of 2 different years (as per Companies Act).
For eg. MAT to be calculated for the year 2012-13.
Financial statements available
1.1.2012 to 31.12.2012
Now do as under:
Take the period April, 2012 to Dec, 2012 from the above financials.
Jan to March, 2013 to be prepared on the basis of actual transactions during the period.
In this case you will have to prepare financial statemnts by using the financial statements of 2 different years (as per Companies Act).
For eg. MAT to be calculated for the year 2012-13.
Financial statements available
1.1.2012 to 31.12.2012
Now do as under:
Take the period April, 2012 to Dec, 2012 from the above financials.
Jan to March, 2013 to be prepared on the basis of actual transactions during the period.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Long Term Service award taxability in hands of company
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Loan by Partnership Firm
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
