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Mat on long term capital gain in companies a/cs.

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(Querist)
03 April 2012 Dear Sir,

In FY 2011-12 the companies Profit & Loss accounts Books Profit shows the Rs. 22,25,475/-as on 31st March-2012.
Profit & Loss accounts includes the Long Term Capital Gain on Share for RS.14,35,345/- & Dividend Rs.34710/-.

While preparing computation of income of the company the normal Tax Due is Rs.2,65,241/- and the MAT due is RS.4,24,064/-. Long Term Capital Gain for Rs.14,35,345/- & Dividend Rs.34,710/- is exempt U.S. 10(38).

MAT due is correct or not. What can i do. What is the actual accounts treatment

Kindly give the suggestion as earliest.

Thanks & Regards


(N. Kadam)
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
05 April 2012 Capital Gains are also part of Book Profits.
.
CIT v. Veekaylal Investment Co P Ltd (2001) 249 ITR 297 (Bom)
.
Your calculation is correct :)
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