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of <h1>Understanding Book Profit Computation Under MAT: Key Deductions, Exemptions, and Compliance Requirements</h1> The computation of Book Profits under Minimum Alternate Tax (MAT) involves reducing specific amounts from the statement of profit and loss. These include amounts withdrawn from reserves or provisions created by debiting the profit and loss account, certain exempt incomes, depreciation, and revaluation reserves. Additionally, profits from specific foreign company transactions, notional gains or losses on business trust units, and certain patent royalties are excluded. Unabsorbed depreciation and losses, deferred tax, and profits from sick industrial companies or tonnage tax activities are also considered. Companies under MAT must comply with advance tax and penalty obligations.
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