Would there be a MAT liabililty on a trading Pvt Ltd Co. which made a profit of Rs 50 Lacs in AY 2015-2016 & which had made a loss of Rs 50 Lacs in AY 2014-2015 (there was a total carried forward loss of Rs 75 Lacs as at end of FY 2013-2014 relevant to AY 2014-2015 ) & had no depreciation charged in profit & loss account in both of the years ?
Yes there will be MAT Liability. While deducting brought forward loss u are supposed to deduct b/f business loss or unabsorbed deprection whichever is less. In your case, unabsorbed deprection is 0. Hence, your book profit will be Rs.50lacs. MAT liability will be calculated on this 50 Lakhs
Rohit KC Jain & Co
New Delhi
CA Inter
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CA ANOOP P K & ASSOCIATES
Kozhikode
CA Inter
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K R Kiran Kumar & Associates
Bengaluru
CA Inter
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CCI
Pro
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