MAT -Calculation
This query is : Resolved
28 September 2008
IN MAT Calculation why we less Provision for FBT even when it has not been debited to Profit and loss account.
and Interest on TDS and Income tax is added back but why not Interets on FBT.
Please Clear It.
Rgds/-
Anil Jain
and Interest on TDS and Income tax is added back but why not Interets on FBT.
Please Clear It.
Rgds/-
Anil Jain
29 September 2008
FBT is debited to P & L account only, no doubt.
Actually there is controversy regarding the adding back upto financial year ended 31-03-2008, as there is no mention about adding back of these in the section dealing with MAT.
Actually there is controversy regarding the adding back upto financial year ended 31-03-2008, as there is no mention about adding back of these in the section dealing with MAT.
29 September 2008
Refer the Case Law :
ACIT Vs Balarampr Chini Mills Ltd.14 SOT 372(ITAT-Kol)
FBT and Dividend Distribution Tax are in the nature of expenditure in the hands of the co., for the purpose of accounting. Therefore there should be deducted from profit to ascertain p or L for the purpose of sec 115JB.
ACIT Vs Balarampr Chini Mills Ltd.14 SOT 372(ITAT-Kol)
FBT and Dividend Distribution Tax are in the nature of expenditure in the hands of the co., for the purpose of accounting. Therefore there should be deducted from profit to ascertain p or L for the purpose of sec 115JB.
29 September 2008
U/s 115JB(2) every co. is required to prepare P & L in accordance with Part II & III of SCH VI to the Co's Act. Therefor, while preparing p&L A/c as per sec 115JB(2) these taxes can be debited above the line and no adjustment will be required.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
