Minimum Alternate Tax

This query is : Resolved

Share Report Follow Query Ask a Query

Sumit Agrawal

Sumit Agrawal (Querist)
Follow

19 June 2008 Is MAT payable by a company showing loss in its Profit & Loss A/c. If yes then how it is calculated

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
Follow

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

CA Vivek Jain

CA Vivek Jain (Expert)
Follow

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)

CA. Sahendra Jaiswar

CA. Sahendra Jaiswar (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Deepak Nayak

Jagdeep Kaur

zafar chandwale

Nithish Kothari

Akhilesh Chandra

Subscribe Now

Minimum Alternate Tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA