Mat
This query is : Resolved
26 September 2011
MAT Profit of the Comapany is 1,00,000. for the A.Y. 2011-12
Company have a Brought Forward Loss of300000 and B/F Depreciation of100000
Company can deduct said BF Losses and Depreciation from MAT Profit?
Company have a Brought Forward Loss of300000 and B/F Depreciation of100000
Company can deduct said BF Losses and Depreciation from MAT Profit?
26 September 2011
Explanation 1 to Section 115JB provides that the amount of loss brought forward or unabsorbed depreciation, whichever is less as per BOOKS OF ACCOUNT will be deducted while computing book profits for the purpose of MAT.
Accordingly, book loss/unabsorbed depreciation is allowed and NOTLOSS/UNABSORBED DEPRECIATION AS PER INCOME TAX.
Accordingly, book loss/unabsorbed depreciation is allowed and NOTLOSS/UNABSORBED DEPRECIATION AS PER INCOME TAX.
26 September 2011
For arriving book profit for the purpose of MAT, pl begin with profit as per p& l account and among the permitted deduction therefrom, the company can deduct b/f depreciation as per books or b/f business loss as per books which ever is less.
26 September 2011
Thanks lot Warrior & Siddartha for your kind clarification.....
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