MAT Minimum Alternative Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2010
What is MAT? How to calculate MAT
CA Chitresh Gupta
(Expert)
02 March 2010
Refer section 115JB of the Income Tax Act.
MAT is applicable only in case of companies, when the Income tax payable on taxable income is less than 15% (now 18% as amended by Budget 2010) of its book profit. Such book profit will be deemed as total income of the assessee and the tax payable the assessee on such total income shall be the amount of INcome tax at the rate of 15% (or 18%).
Regards
MAT is applicable only in case of companies, when the Income tax payable on taxable income is less than 15% (now 18% as amended by Budget 2010) of its book profit. Such book profit will be deemed as total income of the assessee and the tax payable the assessee on such total income shall be the amount of INcome tax at the rate of 15% (or 18%).
Regards
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