MAT
This query is : Resolved
Querist : Anonymous
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
If possible mail me on sweetme_8891@yahoo.com
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
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
23 December 2009
May be read as Minimum Alternate tax (MAT) and prevailing section as 115JB.
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