Whether mat is applicable on agriculture income ?

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2011 sir i want to know whether agriculture income is exempt from MAT provisions or not ?

04 August 2011 The act is governed by various section the section which comes first is given effect to it first. Agriculture income is under section 10 and MAT u/s qq5. Now, you decide

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Querist : Anonymous

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05 August 2011 sir i want to know whether agriculture income is exempted while calculating book profit for MAT u/s 115JB as agriculture income is covered u/s 10 ?

11 August 2011 While calculating Book Profit U/s 115 JB,
while making adjustments in Book Profit, exempt income has to be Deducted in case the same is credited to the P&L A/c of the Company.

So you can say that it is not a part of the book profit and the same has to be excluded.


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