What is MAT?What is the treatment in accounts?
This query is : Resolved
18 December 2009
What is MAT?What is its accounting treatment?Explain with an example?
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- LIC maturity claim whether taxable
- RATE AND HSN CODE
- Portuguese Civil Code IT Return
- TDS AND ITR ISSUE
- Sec 44ada applicable only or both
- Compulsory aqisation of Agriculture & Non Agriculture land are taxable or not ?
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
