Mat

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Vasanta (Querist)
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23 December 2013 How to calculate the MAT in case FY is not matching..
for example As per the Income Tax the FY is from April to March. but the company is following calender year as its FY i.e Jan to Dec..

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 December 2013 The answer to your question lies in Section proviso to Section 115JB(2).

In this case you will have to prepare financial statemnts by using the financial statements of 2 different years (as per Companies Act).

For eg. MAT to be calculated for the year 2012-13.

Financial statements available
1.1.2012 to 31.12.2012

Now do as under:

Take the period April, 2012 to Dec, 2012 from the above financials.

Jan to March, 2013 to be prepared on the basis of actual transactions during the period.