MAT Calculation
This query is : Resolved
Ramesh Chandra Pusola
(Querist)
23 July 2010
Dear Experts,
Please guide me on following points :
Whether dividend income & Long term capital gain on sale of equity are exculded from book profit while calculating the Income tax liability as per MAT provisions of section 115JB. Please note that dividend and Long term capital gain are included in book profit while calculating the net profit as per the companines act.
I am little doubts as the dividends and Long term capital gains are exempted from income tax.
Please guide me on following points :
Whether dividend income & Long term capital gain on sale of equity are exculded from book profit while calculating the Income tax liability as per MAT provisions of section 115JB. Please note that dividend and Long term capital gain are included in book profit while calculating the net profit as per the companines act.
I am little doubts as the dividends and Long term capital gains are exempted from income tax.
Aditya Maheshwari
(Expert)
23 July 2010
Dividend is to be added back whereas LTCGain is not excluded as per provisions of section 115JB.
Read the section for mnore clarification. It is clearly stated in there.
Read the section for mnore clarification. It is clearly stated in there.
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