Minimum Alternate Tax (MAT) - Whether an Assessee is allowed to prepare two sets of books accounts under Schedule VI of Companies Act - One for the purpose of Shareholders / AGM and Second for the purpose of Income Tax

Minimum Alternate Tax (MAT) - Whether an Assessee is allowed to prepare two sets of books accounts under Schedule VI of Companies Act - One for the purpose of Shareholders / AGM and Second for the purpose of Income Tax https://www.taxtmi.com/news?id=810 Minimum Alternate Tax question: where a set of accounts prepared in accordance with Parts II & III of Schedule VI and certified by chartered accountants differs from the AGM approved profit and loss account, the Schedule VI compliant audited accounts may be used to compute book profit for section 115J; the assessing officer has no jurisdiction to discard such accounts except as permitted by the Explanation to section 115J. en-us Mon, 27 Apr 2009 07:24:47 +0530 Mon, 27 Apr 2009 07:24:47 +0530 TaxTMI RSS Generator Minimum Alternate Tax (MAT) - Whether an Assessee is allowed to prepare two sets of books accounts under Schedule VI of Companies Act - One for the purpose of Shareholders / AGM and Second for the purpose of Income Tax https://www.taxtmi.com/news?id=810 Minimum Alternate Tax question: where a set of accounts prepared in accordance with Parts II & III of Schedule VI and certified by chartered accountants differs from the AGM approved profit and loss account, the Schedule VI compliant audited accounts may be used to compute book profit for section 115J; the assessing officer has no jurisdiction to discard such accounts except as permitted by the Explanation to section 115J. News - Mon, 27 Apr 2009 07:24:47 +0530 https://www.taxtmi.com/news?id=810