Applicability of mat
This query is : Resolved
30 September 2011
the company has not started its operations during the year.
company purchased an asset from outside india and has profit on account of Exchange rate fluctuation.
Whether MAT applicable even if operations are not started and profit arises on account of exchange rate fluctuation.
Pls answer
company purchased an asset from outside india and has profit on account of Exchange rate fluctuation.
Whether MAT applicable even if operations are not started and profit arises on account of exchange rate fluctuation.
Pls answer
01 October 2011
U said company purchased capital assets, these means foreign exchange gains will be treated as capital receipt and same shall be deducted from cost of assets. So no question of Income being credited to P/L account. In your case MAT will be not be applicable.
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