MINIMUM ALTERNATIVE TAX U/S 115 J

This query is : Resolved

Ajay Kumar Choudhary (Querist)
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20 January 2009 Dear Sir,

A Priavate Limited Company has business income is 0, But in the mean time There is a Short terms Capital Gain of Rs. 3,00,000/- and Long Terms Capital Gain is Rs. 12,00,000/-. All STCG and LTCG are from Investment in shares.

While calcualing the tax. The company is liable for MAT U/S 115J of Income tax Act,

Please suggest us

CA Amarpal

CA Amarpal (Expert)
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21 January 2009 Hello Ajay,

As per the given facts, First calculate the MAT u/s 115JB not u/s 115J,
then,
Higher of MAT calculated u/s 115 JB or tax payable under normal provisions,

shall be tax liability of the company.