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MAT is applicable to all companies including the foreign companies Analysis of provision of section 115JB:- Where in case of a company, the income tax payable on the total income as computed under the income tax act in respect of any previous year is less than 18.5% of its BOOK PROFIT, then such book profit shall be deemed to be the total income of the assessee and the tax payable on such total income shall be the amount of income tax at the rate of 18.5%. This income tax is, further has to be enhance by surcharge (as applicable) and education cess (@3%). In the simple words every company has to compute its income tax liability as per two sets of provisions. The set of provisions which results in higher income tax liability become the income tax payable. Followings are the two set of provisions: 1). Income tax computed as per normal provisions of income tax act. 2). Income tax computed as per provision of section 115JB of income tax act. Meaning of Book Profit:-Book Profit is defined in the explanation 1 to section 115JB as book profit means the net profit as shown in the profit & loss account for the relevant previous year and as increased and decreased by some prescribed items. In simple words to compute book profit, we have to take profit & loss account and make some prescribed additions and deletions to it. Before going to analysis prescribed additions and deletions, we must understand the meaning of “Profit & Loss Account”. Meaning of profit & loss account for the purpose of book profit:-As per sub-section (2) of section 115JB:- 1). Assessee being a company on which the proviso to sub-section (2) of section 211 of the companies act, 1956 is applicable, shall for the purpose of section 115JB, prepare profit & loss account for the relevant previous year in accordance with the provisions of Act governing such company. (However, proviso to sub-section (2) of section 211 of the companies act, 1956 is applicable on Electricity, Insurance & Banking companies, these company is required to follows the provisions of governing laws for the purpose of making profit & loss account.) 2). Assessee being a company other than a company refer above in (1), shall, for the purpose of section 115JB, prepare the profit & loss account in accordance with provision of part-II of schedule-VI to the Companies Act, 1956. While preparing the profit & loss account for the purpose of book profit and for the purpose of laying accounts before the company at its AGM, following shall be same:- 1). The accounting polices 2). The accounting standards 3). The method & rates of depreciation. Analysis of prescribed additions and deletion to the net profit as shown in the profit & loss account:-Explanation 1 to sub-section (2) of section 115JB prescribed some items which has to be added or deleted from the net profit as shown in the profit and loss account. 1). Additions to net profit: Where followings amount (form I to IX) debited to profit & loss account:- Amount of income tax paid or payable and the provision thereof. ( the word “Income Tax” includes CDT u/s 115-O, Interest under income tax act, Education Cess, Income tax and others) The amount carried to any reserve by whatever name called. (like Reserve for expense, excess provision & etc.) The amount set aside for unascertained liabilities i.e. provision for unascertained liability (like pro. for Bed Debts, prov. for gratuity on ad-hoc basic etc.) Provision for loss of subsidiary companies Amount of dividends paid or proposed. Amount of expense relatable to any income to which section 10, 11, 12 (except sec. 10AA & 10(38)) apply. (Its mean income u/s 10AA & long term capital gain exempt u/s 10(38) are subject to MAT). Amount of depreciation (including depreciation on account of revaluation of asset). Amount of deferred tax and provision therefor. Provision for diminution in the value of any assets. (Like pro. for diminution in the value of investment as per AS-13/28). Amount standing in the revaluation reserve relating to revalued asset on the retirement or disposal of such asset. (if not credited to profit & loss account) 2). Deletion to net profit: Amount withdrawn from any reserves or provisions and credited to profit & loss account provided that book profit of relevant previous year should have been increased by such amount. The amount of income to which any of the provisions of section 10, 11 & 12 except 10AA & 10(38) apply. Amount of depreciation debited to profit & loss account, excluding the depreciation on account of revaluation of assets. (i.e. actual depreciation not on part of revaluation has to be deleted from net profit) Amount withdrawn from revaluation reserve and credited to profit & loss account to the extent of depreciation on account of revaluation of asset. Amount of loss brought forward or unabsorbed depreciation, whichever is less as per the books of account. However loss shall not include the depreciation. (if loss brought forward or unabsorbed depreciation is nil then nothing shall be deducted.) Amount of Deferred Tax, is any such amount is credited in the profit & loss account.

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