nitin suvarna (C.A FINAL) (828 Points)
21 June 2012hi,
i had a query that when the book profits of a company is about Rs 2000 while mat liability arises of Rs 42000 so in this case whether we should provide for the provision from the profits ,Like to see ur opinions ,please provide the same .................
CA sanjeev goyal
(senior excutive)
(100 Points)
Replied 22 June 2012
in this case incmoe tax liabilty shall be higer of the following:-
2000*30.90% or 42000*19.055% than diffrence will be avaliable as a mat credit.
CAclubindia
