Hi,
I have one query relates to surcharge.
Fact:
Domestic company having taxable Income less than Rs. 1 crore and Book Profit more than Rs. 1 crore.
There is MAT as per Sec 115JB higher than Regular Tax, and therefore MAT is payable.
Now question is that whether Surcharge is levied on above.
Income-tax Dept. issued ITR6 in Excel utility, which is not calculating Surcharge on the above scenario.
Please guide.
MAT will be taken only if it is higher than the book profit. Surcharge will be applicable on MAT Too...
HI DEAR,
IN CASE OF MAT, BOOK PROFIT IS DEEMED TO BE U'R NET PROFIT FOR CALCULATING INCOME TAX PAYABLE AND THEREFORE IF THE BOOK PROFIT EXCEEDS RS.1 CRORE, THEN SURCHARGE HAS TO BE PAID ON BOOK PROFIT ONLY.
REGARDS,
MANOJ
SURCHARGE WILL BE PAYABLE IF BOOK PROFIT ON WHICH MAT IS PAID EXCEEDS RS. 1 CRORE
| Originally posted by : JINESH SHAH | ||
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SURCHARGE WILL BE PAYABLE IF BOOK PROFIT ON WHICH MAT IS PAID EXCEEDS RS. 1 CRORE |
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10%
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