Setting-off business loss in pvt ltd.:mat applicable?

Dear ,

Yes, u can set-off current year income with previous year loss.

As per Income tax u r nt required to pay tax because u have C/f  Losses bt as per MAT u vl be required to pay tax on your profit of Rs. 35,000/- after considering Bus. Loss or Unabsorbed Dep. Loss as per companies act Whichever is lower.

if ur bus. loss or unabsorbed dep. loss as per companies act which ever is less is more than Rs. 35,000/- dn u r not required to pay tax .

Thx.

I'm slightly confused. The Company in question does not have any fixed asset. Hence the question of Depreciation does not arise.

Business Loss(total of last 2 years): Rs.75000

Current Year's Business Income: Rs.40000

Now please tell me if any tax is payable under MAT.

Hello,

Any ideas friends?