MAT U/s 115JB
This query is : Resolved
01 January 2010
Friends, Wishing all a Happy New Year.
A Company is a registered STPI Unit and wants to claim exemption from payment of Income Tax U/s 10A as well as U/s 115JB. However, effective from AY 2008-2009, 10A and 10B have been removed from the purview of exemption U/s 115JB and such STPI and EOU Companies also need to pay MAT from AY 2008-2009. The rate of MAT was 10% at that time and now I suppose it has been increased to 15%. Am I correct in advising my Client who is a STPI registered (10A) Company to pay Advance Tax as MAT @ 15% is applicable for them? Is the rate of 15% correct for the AY 2010-2011? Please clarify. Thank You.
A Company is a registered STPI Unit and wants to claim exemption from payment of Income Tax U/s 10A as well as U/s 115JB. However, effective from AY 2008-2009, 10A and 10B have been removed from the purview of exemption U/s 115JB and such STPI and EOU Companies also need to pay MAT from AY 2008-2009. The rate of MAT was 10% at that time and now I suppose it has been increased to 15%. Am I correct in advising my Client who is a STPI registered (10A) Company to pay Advance Tax as MAT @ 15% is applicable for them? Is the rate of 15% correct for the AY 2010-2011? Please clarify. Thank You.
02 January 2010
The amendment regarding section 10 had been made in section 115JB by Finance Act,2006 effective from assessment year 2007-08. MAT rate is 15% w.e.f 01/04/2010
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