02 November 2011
Under IT b/f business loss and unabsorbed depreciation as per IT, both are set off while calculating current year's profit, in which tax is payable.(keeping in mind the set off permitted)
While under MAT b/f loss or unabsorbed depreciation as per books,whichever is less is deducted in computing book profit.
05 November 2011
Business loss that we consider for MAT is before depreciation, is it the same for business loss that is carried forward for set off under I.T ACT, 1961. What is the difference in the amount we consider for both?
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