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Section 115 JB - MAT

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(Querist)
07 February 2011 What is section 115 JB about?
How to calculate MAT in case of domestic company?
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Kumar Babu.G

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Kumar Babu.G (Expert)
07 February 2011 Secetion 115JB is about paying tax on book profit by the companies.Book profit for the purpose of Section 115JB has to calculated by adjusting the items specified in Sec 115JB to the net profit derived as per Schedule VI.A company has to pay tax as per book profit if tax payable as per normal provisions is less than 15% of book profit calculated as per 115JB.Then tax has to be paid @15% on the book profit.Then excess amount paid over the tax as per normal provisions can be availed as MAT credit and can be carried forward upto 10 years.It can be set off in the year in which tax will become payable as per normal provisions.
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