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Mat treatment in financial statements

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(Querist)
04 January 2015 Book profit of Company is 20200, but no income tax liability arises as company incurred loss of 40000 in previous year. How the treatment of same is made in Balance Sheet and Profit and loss account.

Please help
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
05 January 2015 Can you please mentioned the profit as per income tax and confirm that 40000 loss under book profit
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CA Ashish Barthwal

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CA Ashish Barthwal (Querist)
05 January 2015 Profits as per account is 20200 and there is not such expenses or transactions which are disallowed under income tax act.

But the company has incurred a loss of 40000 in previous financial year, hence income under income tax act after adjusting loss is (40000-20200) - 19800 (loss), so income tax liability. But the company has liability of MAT.

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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
03 August 2024 https://docs.google.com/document/d/1MVtxm4wSEw1hR4tIkx6gNmYYUkem5I-sQI44alIiPR4/edit?usp=sharing
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