Minimum Alternate Tax
This query is : Resolved
19 June 2008
Is MAT payable by a company showing loss in its Profit & Loss A/c. If yes then how it is calculated
19 June 2008
yes, there are some adjustments to net profit shown in books to arrive at book profit over which mat is payable. if, after those adjustments loss turn to profit, mat is payable.
see sec. 115 JB
see sec. 115 JB
19 June 2008
Minimum Alternate Tax U/s 115JB
Profit as per Profit & Loss Account (286,783)
Less : Dividend 3 518
Less : Fringe Benefit Tax
Taxable MAT Profit (283,265)
TAX as per MAT (283,265)
Profit as per Profit & Loss Account (286,783)
Less : Dividend 3 518
Less : Fringe Benefit Tax
Taxable MAT Profit (283,265)
TAX as per MAT (283,265)
20 June 2008
The MAt is Minimum Alternative Tax which is payable irrespective of Profit or Loss because it is the minimum tax payable at the rate of 10% on the book Profit calculated under Section 115JB which should be greater than the actual tax calculated on the Taxable Income.
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