19 September 2011
We Deduct the same...as as per the compaines act there is no bifurfication of income under various heads...and P&L is prepared on the basis of all the income...hence you need to include the incomes and deduct the expenditure while calculating book profit under MAT.
19 September 2011
no....you are wrong...as per Companies act there is no such bifurcation of the income under various heads, and the tax payable by the company is higher of the taxes as payable under the provisions of MAT or as under the normal provisions of Income Tax Act. Its not that MAT is substituted at the place of BNP head. hence there is no double taxation...
CAclubindia
