Mat query

This query is : Resolved

ARTHI (Querist)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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