Mat calculation
This query is : Resolved
abhijeet m. deshpande
(Querist)
05 November 2014
One of my company assessees has earned a book profit of Rs. 600000/- for the A.Y. 2014-15.
There is a b/f loss of Rs.96,00000/- ( Rs. 8800000/- unabsorbed depreciation and Rs. 800000/- business loss. All the previous loss returns were filed within the due dates, however the figure of unabsorbed depreciation has not been shown seperately in the returns filed.
Can the assessee company get the deduction of Rs. 800000 (business loss b/f being lower of the two) from the book profit for the purpose of MAT calculation and hence MAT payable will be NIL ?
Please help - Thank you.
There is a b/f loss of Rs.96,00000/- ( Rs. 8800000/- unabsorbed depreciation and Rs. 800000/- business loss. All the previous loss returns were filed within the due dates, however the figure of unabsorbed depreciation has not been shown seperately in the returns filed.
Can the assessee company get the deduction of Rs. 800000 (business loss b/f being lower of the two) from the book profit for the purpose of MAT calculation and hence MAT payable will be NIL ?
Please help - Thank you.
Ganeshbabu K
(Expert)
06 November 2014
Yes, in your case MAT payable will be nil due to b/f losses
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