Mat on Long Term Capital Gain in Companies A/cs

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..... Mat on Long Term Capital Gain in Companies A/cs
Query (Issue) Started By: - NATHURAM KADAM Dated:- 5-4-2012 Last Reply Date:- 5-4-2012 Income Tax
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Income Tax
Dear Sir, In FY .....

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..... 2011-12 the companies Profit & Loss accounts Books Profit shows the Rs. 22,25,475/-as on 31st March-2012. Profit & Loss accounts includes the Long Term Capital Gain on Share for RS.14,35,345/- & Divid .....

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..... end Rs.34710/-. While preparing computation of income of the company the normal Tax Due is Rs.2,65,241/- and the MAT due is RS.4,24,064/-. Long Term Capital Gain for Rs.14,35,345/- & Dividend Rs.34,7 .....

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..... 10/- is exempt U.S. 10(38). MAT due is correct or not. What can i do. What is the actual accounts treatment Kindly give the suggestion as earliest. Thanks & Regards (N. Kadam) Reply By CA GOPA .....

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..... LJI AGRAWAL: The Reply: The basic rate of income tax is 30%. Surcharge is applicable if income exceeds 1 crore @5%. EC+SHEC extra. Please check the calculation for normal tax. Dividend is covered u/ .....

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..... s 10(34) if declared u/s 115O. Hence would be deducted while calculating book profit u/s 115JB hence it would be 2225475-34710. MAT would be 18.54% only.
Discussion Forum - Knowledge Sharing .....

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