MAT calculation
Land sale and other fixed asset in company sold on loss / profit? then what is treatment of this in MAT tax calculation?
Replies (1)
-
Starting Point: Net Profit as per P&L Statement.
-
General Rule: If the profit or loss on the sale of a fixed asset is already included in your net profit, no further adjustment is needed for MAT purposes because the list of additions and deductions in Section 115JB is exhaustive.
-
Revaluation: Only adjustments related to Revaluation Reserves (as described in the Act) should be made if applicable to your financial statements.
Recent Topics :
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
Related Topics :
CAclubindia
