TMI BlogMat on Long Term Capital Gain in Companies A/csX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir, In FY 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.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,35,345/- Dividend 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/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Dividend Rs.34,710/- 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kadam) - Reply By CA GOPALJI 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax. Dividend is covered u/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. - Mat on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Long Term Capital Gain in Companies A/cs - Query Started By: - NATHURAM KADAM Dated:- 5-4-2012 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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