Hi,
The Business Loss of a Pvt. Ltd. Company of F.Y.2008-2009 of Rs....../-, carried forward to F.Y. 2009-2010,
Can any one tell me, Whether Business loss of F.Y. 2008-2009 is allowed for set off for payment of MAT, becasuse the Company has book profit in the F.Y. 2009-2010.
Whether I have to pay MAT on Total book profit of the previous year 2009-2010 or after taking set off of Business loss, on difference MAT will be paid.
Regards,
Umesh Pandey
Mobile:9833054830
Umesh,
To arrive at Book profit u/s 115 JB,
"the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account shall be reduced from the Net Profit as per Profit & Loss Account "
Hello Shekhar,
Thanks! Can you please however answer this example:
A Pvt Ltd Company has b/f business loss of Rs.75000 available for set-off from the past 2 years.. In AY 12-13, it makes a Business profit of Rs.30000. By ordinary provisions, no tax is payable and b/f business loss will be carried forward to the extent of Rs.45000 now. But is any tax payable due to MAT provisions? If yes, please elaborate.
Note: This Company doesn't have any Fixed Asset so question of Depreciation does not arise.
hey, pls confirm : Losses to be set off under MAT provision should not be of more than 8 years right?
I mean if there is loss of AY 2001-02 then it cannot be set off in AY 11-12? right?
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