Mat
This query is : Resolved
CA Pradeep Sharma
(Querist)
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.)
Please reply with explnation....(i.e with section etc.)
CA Aditya Goel
(Expert)
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
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
31 July 2011
Yes I agree with the expert. If there is book profit then MAT is applicable
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