Sir/Ma'am,
A private limited company having Profit of Rs 79 lacs in the Financial Year 2020 - 2021(Applying Old Regime for Taxation)
Brought Forward Loss is of Rs 2 crores. MAT Credit of Rs 6.88 lacs of earlier years and Unabsorbed Depreciation is Rs 6 lacs.
In ITR,
Profit of Rs 79 lacs is set off against Loss of earlier years but the Profit of Rs 79 lacs is shown as deemed income u/s 115JB and Tax Calculated as per 115JB (including Cess and Interest - Rs 12,86,004/-
Kindly guide us on following:
1) Is MAT Credit and Unabsorbed Depreciation can be utilized against the Tax Payable ?
2) Is MAT Tax need to be pay if the Profit of private limited company has been set off against Losses of Earlier Years ?
CAclubindia
