HELLO
ABC LTD HAVING BOOK PROFIT OF RS. 200000.00 INCLUDING EXEMPTED INCOME RS. 1500000.00 THAT MENS COMPANY HAVING NET LOSS RS. 1300000.00.
WHILE CALCULATING MAT WHAT THE AMOUNT TO BE COSIDERED AS RS. 200000. (PROFIT) OR RS 1300000(LOSS)?
CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
07 February 2009HELLO
ABC LTD HAVING BOOK PROFIT OF RS. 200000.00 INCLUDING EXEMPTED INCOME RS. 1500000.00 THAT MENS COMPANY HAVING NET LOSS RS. 1300000.00.
WHILE CALCULATING MAT WHAT THE AMOUNT TO BE COSIDERED AS RS. 200000. (PROFIT) OR RS 1300000(LOSS)?
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 07 February 2009
To arrive at the Book-Profit u/s.115JB, ONE OF THE ADJUSTMENT as specified in Expl-I of Sec115JB is Income exempt u/s.10 (other than 10(38) i.e.LTCG) and 11 and 12 are to be excluded if the same are credited to profit and los account. Hence, in your case there is no Book-Profit liable for MAT U/S.115JB.
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