https://www.taxtmi.com/article/detailed?id=285 Determination of book profit for MAT requires preparing the profit and loss account under Part II of Schedule VI and reading it with notes to accounts; unprovided depreciation disclosed in the notes must be deducted from profit because notes form part of the accounts and the term "net profit" requires recognition of such depreciation. After preparing a Schedule VI-compliant profit and loss account that reflects adjustments from notes, statutory MAT adjustments follow, but additional necessary adjustments (unprovided liabilities, non-operating incomes, etc.) may also be made to ascertain operating profit and book profit. en-us Tue, 10 Feb 2009 00:00:00 +0530 Tue, 10 Feb 2009 21:18:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=285 Determination of book profit for MAT requires preparing the profit and loss account under Part II of Schedule VI and reading it with notes to accounts; unprovided depreciation disclosed in the notes must be deducted from profit because notes form part of the accounts and the term "net profit" requires recognition of such depreciation. After preparing a Schedule VI-compliant profit and loss account that reflects adjustments from notes, statutory MAT adjustments follow, but additional necessary adjustments (unprovided liabilities, non-operating incomes, etc.) may also be made to ascertain operating profit and book profit. Articles Income Tax Tue, 10 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=285