Tax free bonds
This query is : Resolved
30 January 2012
A pvt. ltd. co. has invested Rs 10,00,000/- in NHAI Tax free Bonds.I wld like to know whether Interest income wld be reduced from Book profit while calculating MAT???How the interest income wld be treated for MAT computation?
30 January 2012
Tax Free Bonds are having tax benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961. For the purpose of calculating Book Profit, Intrest from such Bond is, in case included in the P&L A/c,
For MAT, it has to be deducted from the Net Profit.
For MAT, it has to be deducted from the Net Profit.
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