Manjula Moorthy (Qualified CS CA Finalist) (209 Points)
30 November 2017Here we have a Private Limited Company. As per Normal Provisions no Tax Liability is arriving so this leads to tax liability as per MAT. The Company has Short Term Capital Loss being carried forward from Previous Years.
will i be able to adjust the brought forward losses with the tax liability arriving as per MAT as im carrying forward STCG and my Net Profit,which subject to adjustments arrives at Book Profit also incomes Income from Mutual Fund.
Tarun Kumar Madaan
(Practitioner)
(4660 Points)
Replied 30 November 2017
You can set off amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account.
These losses as per books of accounts.
Manjula Moorthy
(Qualified CS CA Finalist)
(209 Points)
Replied 30 November 2017
Which loss can be adjusted since the net profit includes income from Mutual Fund would STCG be allowed????
Tarun Kumar Madaan
(Practitioner)
(4660 Points)
Replied 30 November 2017
Yes, any book loss can be adjusted with book profits for MAT purpose.
Lower of loss or unabsorbed depreciation as per books of accounts.
Manjula Moorthy
(Qualified CS CA Finalist)
(209 Points)
Replied 30 November 2017
Thank You so much...........
CAclubindia
