Mat (minimum alternate tax)
This query is : Resolved
22 September 2011
If a Pvt Ltd Company has loss in previous year (say FY 2009-2010) of Rs.1000000 (after deducting depreciation of Rs.250000) and has made profit in Current year (Say FY 2010-2011) of Rs.700000 (after deducting depreciation).
Will it come under MAT..??
If yes, Please show its detailed calculation
Will it come under MAT..??
If yes, Please show its detailed calculation
24 September 2011
On the Net Profit as per books you have to pay MAT @15% + 3%
Net Profit 7,00,000
Mat @ 15% on 7,00,000
Net Profit 7,00,000
Mat @ 15% on 7,00,000
CA Ravi Sisodia
(Expert)
24 September 2011
India has increased the Minimum Alternate Tax (MAT) rate from 15% to 18% of book profits. Foreign companies with income sources in India may be liable to MAT and required to maintain book of accounts. This is irrespective of whether the overseas companies have a permanent establishment in India. (18.54% with cess)
Prachi Agarwal
(Expert)
28 September 2011
Wont MAT be calculated after adjusting book profits as per sec 115JB.That is the profit of c/y (before any adjustment for previous year loss)shall be reduced by unabsorbed dep or loss of previous year whichever is less (i.e dep in this case) and MAT would be calculated on the resultant fig.
Further you can carry forward the previous year's loss
Further you can carry forward the previous year's loss
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