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18 June 2012 WHEN COMPANY BE CHARCHED FOR MAT IN PLACE OF NORMAL INCOME TAX,WHAT ARE THE PROVISION

HRIDAYNATH PATRA

HRIDAYNATH PATRA (Expert)
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18 June 2012 Dear Friend,
MAT is governed by the provision of section 115JB of the IT Act. Where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under the IT Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2012, is less than eighteen and one-half per cent of its book profit, such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of eighteen and one-half per cent.
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