X Ltd. is a resident company engaged in garment manufacturing at Kolkata. The Profit & Loss Account has been prepared in accordance with Schedule III of the Companies Act, 2013. Net profit for the year ended 31st Mar

Computation of Book Profit u/s 115JB of X Ltd. a Resident Company Particulars Amount Net profit for the year ended on 31st March 2019 99,000 Add: Depreciation (includes Revaluation of Assets ₹ 1000) 4,000 Provision for Income Tax 3,000 Proposed Dividend 5,000 Loss of Subsidiary A Ltd. 2,000 Total 1,13,000 Less: Dividend received from C Ltd. (1,000) Depreciation excluding revaluation (₹ 4000 - ₹ 1000) (3,000) Book Profit 1,09,000 Computation of MAT Liability 18.5% of Book Profit 20,165 Add: Health and Education Cess 4% 807 Total Minimum Alternate Tax (MAT) Liability 20,972 Round-off 20,970 Note: Delayed or non remittance of interest to bank attracts disallowance u/s 43B only. No adjustments required u/s 115JB.