Minimum alternate tax
Querist : Anonymous
It has a book profit in year 2011-12.
Can book loss of 2010-11 be adjusted against book profit of 2011-12 before computing MAT @ 18.5%?
carried forward loss , or unabsorbed depreciation.
In your case there is no unabsorbed depreciation, therefore book loss can't be adjusted.
Querist : Anonymous
Suppose Net Loss for 2010-11 as per books in line with Companies Act Schedule VI is Ra 1 lakh before depreciation. Depreciation is say 20000/- So loss after depreciation is 1.2 lakhs. So what amount can be adjusted against book profit of 2011-12?
Loss of 100000 or unabsorbed
depreciation of 20000, whichever less
Hence 20000 shall be adjusted.
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