Mat query
This query is : Resolved
02 March 2015
Dear Friends / Experts,
Please guide me on the following, IF POSSIBLE:
A Company having only Long Term Capital Gain for the year and there is no income on that year.
Query
Whether Deemed Income / Book Profit shall apply for the Company, which has only Long Term Capital Gain for the relevant year, as the ITR Utility computes MAT for it.
Thanks in advance for possible replies from all concerned.
Please guide me on the following, IF POSSIBLE:
A Company having only Long Term Capital Gain for the year and there is no income on that year.
Query
Whether Deemed Income / Book Profit shall apply for the Company, which has only Long Term Capital Gain for the relevant year, as the ITR Utility computes MAT for it.
Thanks in advance for possible replies from all concerned.
03 March 2015
ITR utility is correct, meaning thereby MAT applies if gain is not covered u/s 10(38) of the Income tax Act,1961.
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
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
