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What is MAT?What is the treatment in accounts?

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18 December 2009 What is MAT?What is its accounting treatment?Explain with an example?
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
18 December 2009 MAT is Mandatory Alternative Tax levied on Company Assessee only.

It means that if a company has book profits but; due to various allowances and deductions; the tax liability becomes NIL then at least 30% of such book profits will be treated as taxable profits and accordingly Income Tax will be payable by the company.

Refer Section 115J of the Income Tax Act.

CA Rakhecha,Surat
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