In FY 2011-12 the companies Profit & Loss accounts Books Profit shows the Rs. 22,25,475/-as on 31st March-2012. Profit & Loss accounts includes the Long Term Capital Gain on Share for RS.14,35,345/- & Dividend Rs.34710/-.
While preparing computation of income of the company the normal Tax Due is Rs.2,65,241/- and the MAT due is RS.4,24,064/-. Long Term Capital Gain for Rs.14,35,345/- & Dividend Rs.34,710/- is exempt U.S. 10(38).
MAT due is correct or not. What can i do. What is the actual accounts treatment
05 April 2012
Capital Gains are also part of Book Profits. . CIT v. Veekaylal Investment Co P Ltd (2001) 249 ITR 297 (Bom) . Your calculation is correct :)
CAclubindia
