Dear Friends/ Experts,
I have a book profit of Rs. 8,00,000/- for last F.Y.
Further, in past years from AY 2010-11 to AY 2014- 2015 i had book losses. Also, i had depreciation for each of the years.. The depreciation for each year was less than, book losses for each year.
In MAT deduction coloum, there is a section which mentions Bought forward business loss or depreciation whichever is lower... Which loss are they talking about (as per I.T.Act or book losses)
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MAT calculation
Replies (3)
They are taking about carry forward losses which will be left after adjusting last year profit
@ Shweta, sorry but did not get what you wish to tell
Hey, MAT is essentially based on book amounts. Its a separate code in itself. Here obviously reference is on book loss. there is huge controversy on calculation of this amount - refer article written by Pramod Achuthan on taxsutra on this
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