Profit of a Private Limited Company as per IT Provisions is 25760 on which total tax liability is Rs. 7960 whereas the Book profit of the company before taking into consideration TAX Provisions is Rs. 112159. Now, I am confused as to how much provisioning is to be done against Current Tax as the amount of MAT is varying with the amount of provision. Please help
For Computation of Book Profit, wether Provision for Current Tax is to be added back or can we say that MAT is to be calculated on Profit before tax as per Books of Accounts.
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