MINIMUM ALTERNATIVE TAX U/S 115 J
This query is : Resolved
Ajay Kumar Choudhary
(Querist)
20 January 2009
Dear Sir,
A Priavate Limited Company has business income is 0, But in the mean time There is a Short terms Capital Gain of Rs. 3,00,000/- and Long Terms Capital Gain is Rs. 12,00,000/-. All STCG and LTCG are from Investment in shares.
While calcualing the tax. The company is liable for MAT U/S 115J of Income tax Act,
Please suggest us
A Priavate Limited Company has business income is 0, But in the mean time There is a Short terms Capital Gain of Rs. 3,00,000/- and Long Terms Capital Gain is Rs. 12,00,000/-. All STCG and LTCG are from Investment in shares.
While calcualing the tax. The company is liable for MAT U/S 115J of Income tax Act,
Please suggest us
CA Amarpal
(Expert)
21 January 2009
Hello Ajay,
As per the given facts, First calculate the MAT u/s 115JB not u/s 115J,
then,
Higher of MAT calculated u/s 115 JB or tax payable under normal provisions,
shall be tax liability of the company.
As per the given facts, First calculate the MAT u/s 115JB not u/s 115J,
then,
Higher of MAT calculated u/s 115 JB or tax payable under normal provisions,
shall be tax liability of the company.
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