Mat eligibility in pvt ltd. company
This query is : Open
Kamal Dev Rathore
(Querist)
04 March 2019
A Pvt. Ltd. company have losses 80 Lac (Approx) of prior period. No business this year, and around 12 Lac Sundry Creditors to be written off through debit note. Due to this income raised by Rs. 12 Lac. Please advise this profit can be set off with previous losses or MAT eligible in this case, if yes than how much tax liability to be raised.
CA Abhishek Goyal
(Expert)
05 March 2019
Hi,
If you have filed your earlier return on time, loss will be carried forward for set off. In that case, your income tax profit will be Nil in this year. But In MAT, they will consider Book profit for Tax. In that case, Your Book Profit will be Rs 12 Lac. Hence Tax @18.5 % will be applicable. Please check provisions of MAT before proceeding further.
If you have filed your earlier return on time, loss will be carried forward for set off. In that case, your income tax profit will be Nil in this year. But In MAT, they will consider Book profit for Tax. In that case, Your Book Profit will be Rs 12 Lac. Hence Tax @18.5 % will be applicable. Please check provisions of MAT before proceeding further.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Employee secondment
- GSTR9 Annual Return
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Capital gain on commercial property and investment in residential property
- Form 144 TDS Return Validation error
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- RCM and same line
- Upload Level ValidationITR3Category of Defect B/D
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- MSME Payment Sec.43B (h)
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
