MINIMUM ALTERNATE TAX (MAT) 115JB
This query is : Resolved
20 August 2009
I WANT TO KNOW CONCEPT OF MAT, AND HOW IT WILL CALCULATED IN CASE OF PUBLIC CO. EASILY. PLZ HELP ITS URJENT
22 August 2009
Let me try:
If the tax payable on income is less than 10% of the total tax then the profit as per ptofit & loss account will be considered as books profit. The same profit will be base for calculating MAT u/s 115JB. The tax rate will be 10% for the f.y. 08-09 & it will be 15% for the f.y. 09-10.
Tax paid under this section will be allowed to take as credit in next year.
If the tax payable on income is less than 10% of the total tax then the profit as per ptofit & loss account will be considered as books profit. The same profit will be base for calculating MAT u/s 115JB. The tax rate will be 10% for the f.y. 08-09 & it will be 15% for the f.y. 09-10.
Tax paid under this section will be allowed to take as credit in next year.
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