Minimum Alternate Tax as per section 115JB

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chartered accountant
33 Points Posted on 24 November 2021

1.   Is Minimum Alternate Tax as per section 115JB is applicable on profit on sale of Fixed assets of  the company ?

2. Normal Tax is  not applicable due to Long term capital loss on such assets. In earlier year ,there  were business losses in both  as per Company Act and Income Tax Act. 

 

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On 24 November 2021 at 11:56 Report
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This discussion explores the applicability of Minimum Alternate Tax (MAT) under section 115JB on profits derived from the sale of fixed assets. It clarifies that such capital profits are indeed subject to MAT, even if normal tax isn't applicable due to long-term capital losses on those assets. The profit is considered a capital profit transferred to the capital reserve.

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Chartered Accountant
16188 Points Posted on 24 November 2021
1. yes
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On 24 November 2021 at 12:14
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19974 Points Posted on 19 June 2023
It's capital profit transferred to capital reserve
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On 19 June 2023 at 12:55

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