Prior Period Item - MAT
This query is : Resolved
27 March 2008
Are prior period items allowable in MAT
27 March 2008
For calculation of Book Profit under MAT, specific deductions and inclusions are mentioned in Sec 115JB itself. Other provisions of The IT Act are not applicable to it. Hence, even the prior period exp is allowed to be as an expenditure if it is already debited in P & L A/c. No adjustment is required.
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