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.
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