Tax liability on total income

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NK1976

NK1976 (Querist)
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18 May 2012 Dear Sir,

In company account for March-2012. Book Profit Rs.2412350/- including Long Term Capital Gain on share sold of Rs.1565453/-.
Long Term Capital Gain is exempted income Us 10(38). Than what is the tax liability for AY 2012-13.

Kindly suggest as earliest.

Thanks & Regards

(Mr. Kadam)

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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18 May 2012 The taxable income shall be Rs. 8,46,900.

Tax @ 30.9% = Rs. 2,61,693/-

Book profit for MAT = Rs. 24,12,350
MAT @ 18.5% = Rs. 4,46,285
Add: Cess @ 3% = Rs. 13,389
Total tax payable = Rs. 4,59,670

Since MAT exceeds the tax computed as per the normal provisions, the company has to pay MAT of Rs. 4,59,670

NK1976

NK1976 (Querist)
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18 May 2012 But the MAT applicable

Long Term Capital Gain is Exempted.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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18 May 2012 Yes, I have considered the same.

Message likes : 1 times

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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18 May 2012 Dear Mr. Nathuram,
For the purpose of Book Profit, Long term capital gain is not exempt.

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