25 April 2008
Minimum Alternative Tax ( MAT) is payable by a company if the tax liability as per the normal computation of income is less than 10% ( plus surcharge, cess etc.)of the book profit of the company.
MAT is charged @10%( plus surcharge, cess etc.) of the book profit and the book profit is calculated u/s 115JB as certain adjutments ( + and -) to the net profit as disclosed in the profit & loss account.
CAclubindia
