Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Mat audit report form 29b

SANDIP (ARTICLE ASSISTANT) (213 Points)

20 September 2013

Is MAT Audit Report in Form 29B applicable for companies who have only 2 expenses i.e Audit Fees & Preliminery Expenses & there is no sales. Loss in both as per companies Act & as per Income tax Law ?

Reply
Follow
Share

12 Replies

CA. Kunal Lakhotia (ACA) (1006 Points)
Replied 20 September 2013

MAT applies to every company

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

SANDIP (ARTICLE ASSISTANT) (213 Points)
Replied 20 September 2013

Is Audit Report in Form 29B is also required to furnish ?

Saurabh Maheshwari (B.com,ACA) (5923 Points)
Replied 20 September 2013

MAT applicable to all companies agreed....

But as far as requirm to furnish Accountant Report in Form 29B is concerned ....

the same to be filed only and only by a co. which has paid MAT for the AY....if co. paid normal tax then 29B need not to be e-filed.

Sec 115JB(4) makes that very clear....

Every company to which this section applies, shall furnish a report in the prescribed form

3 Like

SANDIP (ARTICLE ASSISTANT) (213 Points)
Replied 20 September 2013

Mr Saurabh

In My case, comapny is not paying tax even as per noramal provisions or mat provisions as it has loss as per books & as per income tax laws alo

Prashant Kini (Article Assistant) (154 Points)
Replied 20 September 2013

MAT is applicable only in case company has book profit. Where a company has no book profit question on MAT doesn't arise and accordingly 29B is not applicable

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Saurabh Maheshwari (B.com,ACA) (5923 Points)
Replied 20 September 2013

Originally posted by : Prashant Kini
	MAT is applicable only in case company has book profit. Where a company has no book profit question on MAT doesn't arise and accordingly 29B is not applicable

yes, agreed with Prashant....

1 Like

CA Mitesh N Kothari (9821662799) (391 Points)
Replied 20 September 2013

Totally agree with Saurabh Maheshwari

1 Like

Vinod Kumar Sand (Partner) (24 Points)
Replied 22 September 2013

Agreed with Prashant Kinis opinion. Vinod Kumar Sand FCA

Sourav (Achieving d UnAchieved) (991 Points)
Replied 25 September 2013

Originally posted by : CA. Kunal Lakhotia
	MAT applies to every company

MAT applies to every company and it is mandatory to report in form 29B irrespective of profit or loss of the company.

AKASH THOBHANI (Article Clerk) (62 Points)
Replied 21 August 2015

Please let me know the list of companies to whom the MAT provisions and Form 29B has to be filed compulsorily.

Upgrade to CAclubindia Pro. Subscribe Now!

naveen (Self Employed) (108 Points)
Replied 18 September 2015

Dear all

your suggestions are highly appreciated.

I have required format of 29B. and how to file this form.

Please suggest me who sign form 29B, Appointed Auditor or any CA.

Divyansh Jain (Partner) (24 Points)
Replied 26 August 2017

Is it compulsory to submit ‘Form 29B’, even if tax is paid as per normal provision of IT act?

Sub-section 4 of Section 115JB provides that every Company to which section 115JB applies shall furnish a report certifying that the book profit has been computed in accordance with the provisions of this section along with the return of income. Sub-section 5A to Section 115JB provides that the section 115JB is not applicable to income from life insurance business. Therefore, ‘Form 29B’ has to be filed in all cases, other than the cases covered u/s 115JB(5A). Even if normal tax is more than the tax payable u/s 115JB, Form 29B is necessary to show that tax payable u/s 115JB is less than normal tax. However, if you disagree, ignore the warning and click on ‘Generate e-return’.