Rekha Sharma (Company Secretary) (167 Points)
27 August 2008My question is if company is under the tax holiday period for 10 years , is company liable to pay MAT /Tax from the very first year of its profits /book profit or only after 10 years ?
Pls solve my query on urgent bais .
Kindly mention the relevent section of tax law in support .
Thanks & Regards
Rekha Sharma
The provision of Section 115JB will not be applicable in respect of income accrued or arising after 31st March 2005 from any business carried on in a unit or Special Economic Zone as the case may be.
In view of this please check the facts and applicability of provision of the Section in your case.
VIPLOVE GOYAL
(CA STUDENT)
(58 Points)
Replied 27 August 2008
hiiiiii,
as per sec115 JB the 10% tax liability of the co. is applicable to the co. who is require to pay tax so MAT credit will not aplicable on tax holiday co. under sec 80IA 80 IB
Anita Dsouza
(CA final student)
(24 Points)
Replied 03 December 2008
will companies availing deduction under section 80 IA of the income tax act be liable to MAT?
Also how is the accounting done for copanies operating captive power plants, is there a seperate guidance note or notification etc for it.
CAclubindia
