(1) Whether rebate u/s 88E (STT) is available when Tax is payable as per MAT and not as per normal provisions ?
(2) If rebate is available than for calculating average rate for rebate u/s 88E , average of which profit is to be taken book profit or normal profit ?
(3) If MAT is payable than , how to calculate the credit to be carried forward , after claiming STT or comparing directly with Normal profit ?
For ascertaining the applicabilty of MAT, You compare MAT calculated u/s 115JB with normal tax liability.. The Normal tax liability must be arrived after provising for rebate u/s 88E .
Hence, the rebate u/s 88E cannot be reduced from MAT again.
may i know wat MAT excatly means
MAT means Minimum Alternative Tax.....which a company has to pay although they are incurring losses
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