Mat on agriculture income
This query is : Resolved
15 September 2011
Is MAT applicable on agriculture income of company which is exempted u/s 10 (1)?
20 September 2011
As per Explanation 1 to Section 115JB, incomes exempt u/s 10 except u/s 10(38) shall be deducted from net profit while computing book profit for MAT.
Accordingly agricultural income shall not be liable to MAT.
Accordingly agricultural income shall not be liable to MAT.
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