Mat
This query is : Resolved
28 December 2011
Any one can please tell me what is MAT? and which section is applicable?
28 December 2011
MAT refers to Minimum Alternate Tax. Section 115JB of IT Act, 1961 is applicable to MAT.
It is tax levied on Company on book profits.
Tax payable by company on total income is compared with MAT payable on book profit, whichever is higher is the tax liability of company.
Book profit is computed using specific formula/ method prescribed under section 115JB of the IT Act, 1961.
The purpose of introducing MAT is to bring loss making company under the tax net.
It is tax levied on Company on book profits.
Tax payable by company on total income is compared with MAT payable on book profit, whichever is higher is the tax liability of company.
Book profit is computed using specific formula/ method prescribed under section 115JB of the IT Act, 1961.
The purpose of introducing MAT is to bring loss making company under the tax net.
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