Search Results For: Book profit -Agricultural income of Company

Book profit -Agricultural income of Company

QUERY: A Co. has only agricultural income & income from sale of rural agricultural land (not capital assets). Can there be any liability under MAT?
ANSWER: Click here to read the full answer of the expert

From the fact, it is apparent that querist is a company and therefore no Alternate Minimum Tax (AMT) would be applicable. For the companies Minimum Alternate Tax (MAT) would be applicable u/s. 115JB of the Act.
So while calculating “book profit” under Explanation 1 to section 115JB(1), the agricultural income falling u/s. 10(1) to be excluded as per Explanation (ii)

Posted in Income-tax