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.
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)
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.
CAclubindia
