Minimum alternate tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2012
A pvt ltd Co had a book loss in accounting year 2010-11. It also has a carry forward loss as per normal provisions of I T Act.
It has a book profit in year 2011-12.
Can book loss of 2010-11 be adjusted against book profit of 2011-12 before computing MAT @ 18.5%?
It has a book profit in year 2011-12.
Can book loss of 2010-11 be adjusted against book profit of 2011-12 before computing MAT @ 18.5%?
13 September 2012
Minimum of the two (as per books) can be adjusted;-
carried forward loss , or unabsorbed depreciation.
In your case there is no unabsorbed depreciation, therefore book loss can't be adjusted.
carried forward loss , or unabsorbed depreciation.
In your case there is no unabsorbed depreciation, therefore book loss can't be adjusted.
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2012
Thanks for your response. However request you to clarify by an example.
Suppose Net Loss for 2010-11 as per books in line with Companies Act Schedule VI is Ra 1 lakh before depreciation. Depreciation is say 20000/- So loss after depreciation is 1.2 lakhs. So what amount can be adjusted against book profit of 2011-12?
Suppose Net Loss for 2010-11 as per books in line with Companies Act Schedule VI is Ra 1 lakh before depreciation. Depreciation is say 20000/- So loss after depreciation is 1.2 lakhs. So what amount can be adjusted against book profit of 2011-12?
14 September 2012
Minimum of the two can be adjusted:-
Loss of 100000 or unabsorbed
depreciation of 20000, whichever less
Hence 20000 shall be adjusted.
Loss of 100000 or unabsorbed
depreciation of 20000, whichever less
Hence 20000 shall be adjusted.
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