Dear Friends/ Experts,
I have a book profit of Rs. 8,00,000/- for last F.Y.
Further, in past years from AY 2010-11 to AY 2014- 2015 i had book losses. Also, i had depreciation for each of the years.. The depreciation for each year was less than, book losses for each year.
In MAT deduction coloum, there is a section which mentions Bought forward business loss or depreciation whichever is lower... Which loss are they talking about (as per I.T.Act or book losses)
Menu
MAT calculation
Replies (3)
They are taking about carry forward losses which will be left after adjusting last year profit
@ Shweta, sorry but did not get what you wish to tell
Hey, MAT is essentially based on book amounts. Its a separate code in itself. Here obviously reference is on book loss. there is huge controversy on calculation of this amount - refer article written by Pramod Achuthan on taxsutra on this
Recent Threads
- What's CGAS?
- A Comprehensive Guide to Modern Digital Marketing
- Income tax status
- Demand raised for 'Self assessment tax' amount AY2
- TDS payment using Form 26QB when buying property o
- Export sales not realised payment not received fro
- RCM related queries
- Negative Export Value in GSTR 3B
- Income tax intimation -AY 24-25
- Tax Implications of Alumni Union (R) under Society
Related Threads
CAclubindia
