Mat

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CA Pradeep Sharma (Querist)
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30 July 2011 Is Mat applicable if any enterprises take the benefit of Deduction Under Section 80IC........

Please reply with explnation....(i.e with section etc.)

CA Aditya Goel

CA Aditya Goel (Expert)
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30 July 2011 Deduction u/s 80IC - 80IE is allowed for the pupose of computing profits taxable under normal provisions of Income Tax Act.

However for calculating book profits u/s 115JB deduction allowable under chapter VI - A is not an allowable deduction and hence the companies are liable to pay MAT on the profits deducted u/s 80IC

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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31 July 2011 Yes I agree with the expert. If there is book profit then MAT is applicable

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