Mat and income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2016 Hello,
Suppose 'x' ltd is having loss as per income tax and as per MAT. Now my question is MAT is applicable in cases of loss as per companies act. I will give an example try to solve it in correct manner.
X ltd profit as per companies act is (40,00,000)
. as pet it (44,00,000)
. as per MAT (10,00,000)
In Itr it's showing losses to be carried forward is (44,00,000)
Amt payable under MAT (10,00,000)
Here my question is whether it have any impact while carry forwarding because as per Mat loss is 1000000, where as loss as per income tax is 44,00,000.Finally which amt will be considered as carry forward loss.urgent

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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14 September 2016 The provisions of MAT u/s 115JB is utilised only for the purpose of determining tax liability, it will not effect on determining carried forward loss. Hence Rs. 44,00,000/- will be carried forward to next year in income tax return.

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2016 Thank's for the reply

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