Hemang Ladani (Service) (34 Points)
20 September 2010Hi,
I have one query relates to surcharge.
Fact:
Domestic company having taxable Income less than Rs. 1 crore and Book Profit more than Rs. 1 crore.
There is MAT as per Sec 115JB higher than Regular Tax, and therefore MAT is payable.
Now question is that whether Surcharge is levied on above.
Income-tax Dept. issued ITR6 in Excel utility, which is not calculating Surcharge on the above scenario.
Please guide.
ReevCA
(Absolute Carnage )
(145 Points)
Replied 20 September 2010
MAT will be taken only if it is higher than the book profit. Surcharge will be applicable on MAT Too...
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 20 September 2010
HI DEAR,
IN CASE OF MAT, BOOK PROFIT IS DEEMED TO BE U'R NET PROFIT FOR CALCULATING INCOME TAX PAYABLE AND THEREFORE IF THE BOOK PROFIT EXCEEDS RS.1 CRORE, THEN SURCHARGE HAS TO BE PAID ON BOOK PROFIT ONLY.
REGARDS,
MANOJ
JINESH SHAH
(PRACTICING CA)
(151 Points)
Replied 20 September 2010
SURCHARGE WILL BE PAYABLE IF BOOK PROFIT ON WHICH MAT IS PAID EXCEEDS RS. 1 CRORE
Santosh
(Student ( Final Year - New ))
(348 Points)
Replied 21 September 2010
| Originally posted by : JINESH SHAH | ||
 |
SURCHARGE WILL BE PAYABLE IF BOOK PROFIT ON WHICH MAT IS PAID EXCEEDS RS. 1 CRORE |
 |
10%
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