11 February 2011
Hi, The Following are the deatils of X Ltd A/cting Profit 500000 Book Profit as per MAT 450000 Profit as per Income-tax Act 50000 Tax rate 30% MAT Rate 7.50% Queries 1)What is the total expenses to debited in P&L account 2)What is the deferred tax amount to be carry forward and what are the condition for carrying forward,when a company paying Tax under 115JB? 3)Can a company can setoff regular tax income against MAT credit which is carry forward according to AS-22?