23 July 2010
Dear Experts, Please guide me on following points : Whether dividend income & Long term capital gain on sale of equity are exculded from book profit while calculating the Income tax liability as per MAT provisions of section 115JB. Please note that dividend and Long term capital gain are included in book profit while calculating the net profit as per the companines act. I am little doubts as the dividends and Long term capital gains are exempted from income tax.
CAclubindia
