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MAT

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 December 2009 I would appreciate if any one couldguide me on concept of MAT and its Calculation....


If possible mail me on sweetme_8891@yahoo.com
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
23 December 2009 MAT is Mandatory Alternative Tax levied on Company Assessee only.

It means that if a company has book profits but; due to various allowances and deductions; the tax liability becomes NIL then at least 30% of such book profits will be treated as taxable profits and accordingly Income Tax will be payable by the company.

Refer Section 115J of the Income Tax Act.

CA Rakhecha,Surat
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 December 2009 May be read as Minimum Alternate tax (MAT) and prevailing section as 115JB.
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