pls help sir-
This query is : Resolved
09 June 2010
1)FY 2008-09
Income Tax loss in FY 2008-09 Rs 11000
No tax payable
2) FY 2009-10
Income Tax on regular Profit Rs 600 ( Tax after adjusting loss )
MAT Tax Rs 2000
So Mat Tax ( higher out of both) and can be taken credit.
3) FY 2010-11
Regular Tax Rs 10000
Adjust MAT credit Rs 2000 ( Carried forward from F Y 2009-10 )
Tax payable on Rs 8000
at regular rate
Since FY 2008-09 Income tax Loss is adjusted in FY 2009-10 income, but tax paid as per MAT in FY 2009-10,
so in FY 2010-11 regular tax will be paid only current year Income (FY2010-11) after set off full MAT credit of FY 2009-10
Income Tax loss in FY 2008-09 Rs 11000
No tax payable
2) FY 2009-10
Income Tax on regular Profit Rs 600 ( Tax after adjusting loss )
MAT Tax Rs 2000
So Mat Tax ( higher out of both) and can be taken credit.
3) FY 2010-11
Regular Tax Rs 10000
Adjust MAT credit Rs 2000 ( Carried forward from F Y 2009-10 )
Tax payable on Rs 8000
at regular rate
Since FY 2008-09 Income tax Loss is adjusted in FY 2009-10 income, but tax paid as per MAT in FY 2009-10,
so in FY 2010-11 regular tax will be paid only current year Income (FY2010-11) after set off full MAT credit of FY 2009-10
Aditya Maheshwari
(Expert)
09 June 2010
replied here
https://www.caclubindia.com/experts/pls-help-friends-405590.asp
https://www.caclubindia.com/experts/pls-help-friends-405590.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Import Order Cancelled.
- IMS (import of goods) ITC related
- Royalty payments to the Mining Department for procurement of murum - GST input
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
