arshed khan (accounting jobs) (25 Points)
24 September 2012sir
my pvt.ltd. com last three year is in loss but current year 2011-2012 (F.Y) profit after adjustment of loss net proift is Rs.44000/- only but software calcuate mate tax on book value mat calcuation is compulsory for this year or not
pls clear my question
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 24 September 2012
Calculation of Tax for MAT purposes is mandatory each year to ascertain if the profit as per the normal provisions is higher than the book profit calculated u/s 115JB. If the book profit is higher then tax will be paid according to book profit. So you will need to calcualte tax u/s 115JB.
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