WE HAVE AN AUDIT OF PRIVATE LTD CO.ITS CURRENT YEAR PROFIT IS RS 373351 AS PER BOOKS OF ACCOUNT.BROUGHT FORWARD LOSSES AS PER COMPANY BOOKS OF ACCOUNT RS 388586 AND UNABSORBTION DEPRECIATION IS NIL AS CO HAS NO ASSETS.AS PER NORMAL PROVISION OF IT C/F LOSSES CAN BE SET OFF BUT AS PER SECTION 115JB TAX LIABILITIES ARISES. THEN WHEN AND HOW CAN WE SET OFF OUR C/F LOSSES AGAINST OUR MAT CREDIT?
Menu
Mat 115jb
Replies (3)
C/F of losses n MAT credit are two diff things..
U can set off Mat credit only in that year in which ur tax payable as per normal provisions is more than tax payable on book profits as per Sec 115JB..
@ Ankit :- To d point reply. 
Thank u Renu..
Recent Topic
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
- WhatsApp document sharing: Client sends Aadhaar, P
Related Topics
CAclubindia
