TMI BlogMAT - Computation of Book Profits - Deductions - Explanation 1 to Section 115JB(2)X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 10 except section 10(38) Income exempt under section 11 12 (iia) the amount of depreciation debited to the statement of profit and loss (excluding the depreciation on account of revaluation of assets) (iib) the amount withdrawn from revaluation reserve and credited to the statement of profit and loss , to the extent it does not exceed the amount of depreciation on account of revaluation of assets referred to in clause (iia) (iic) Share of profit from an AOP/BOI on which no income tax is payable in accordance with the provisions of section 86 (iid) the amount of income accruing or arising to assessee, being a foreign company , from,- (A) the capital gains arising on transactions in securities; or (B) the interest, dividend, roya ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vii), In other words - The amount representing notional gain on transfer of a capital asset being share of special purpose vehicle to a business trust in exchange of units alloted by the trust or notional gain from change in carrying amount of such units or gain on transfer of such units, if credited to the statement of profit and loss. (iif) the amount of loss on transfer of units referred to in Section 47(xvii) computed by taking into account the cost of the shares exchanged with units referred to in the said clause or the carrying amount of the shares at the time of exchange where such shares are carried at a value other than the cost through profit or loss account, as the case may be. In other words - the Amount of actual loss on transf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sick industrial company under section 17(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 and ending with the assessment year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses. (v) the amount of deferred tax , if any such amount is credited to the statement of profit and loss. (vi) The amount of profit derived from the activities of a tonnage tax company ( Section 115VO ) NOTES: The company can carry forward losses and depreciation to the extent it could have carried forward had section 115JB not there. The company to which MAT applies shall be liable to pay advance tax, interest under sections 234A, 234B and 234C. The company shall also be liable to pay penalty for concea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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