MAT Calculation
This query is : Resolved
Tukaram Desai
(Querist)
30 October 2009
My query is as follows:
There is one export oriented company. It has income tax losses.While filling income tax return for previous around 15 years in MAT working wrong deduction was taken.In current year i want to rework the allowable business losses or depreciation whichever is lower available till date. So my querry is while calculating the deduction for any previous year in which there is profit can i first take deduction towards deduction u/s 80HHC & then take deduction towards business losses or depreciation whichever is lower.It should be noted that company has not taken deduction towards 80HHC deduction in previous years.I am doing this working only to have right amount of business loss or depreciation whichever is lower.
There is one export oriented company. It has income tax losses.While filling income tax return for previous around 15 years in MAT working wrong deduction was taken.In current year i want to rework the allowable business losses or depreciation whichever is lower available till date. So my querry is while calculating the deduction for any previous year in which there is profit can i first take deduction towards deduction u/s 80HHC & then take deduction towards business losses or depreciation whichever is lower.It should be noted that company has not taken deduction towards 80HHC deduction in previous years.I am doing this working only to have right amount of business loss or depreciation whichever is lower.
Praveen Sharma
(Expert)
30 October 2009
Yes for calculation of MAT the amount of business loss is to be taken.
Regards
Regards
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