14 December 2009
Pvt.Ltd. company having for AssYear 09-10 STCG on Sale of Shares covered U/s 111A of ITAct but these are trading income of the company as per object clasue( but there are not regularly trading, thus this STCG is earned after 3-4 years), so such STCG will be taxable at 15% (i.e Special Rate U/s 111A) OR taxable @ 30 % under Normal Provision. What about such STCG for MAT Prov.
Further at credit side of the P & L A/c of the Company- rent income taxable Under the Head House Property, so while computing Book Profit for MAT Pro, will this get reduce or not ?
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