Narayan Subramaniam (Business) (38 Points)
27 September 2010Hello,
I would like to know whether MAT is applicable for partnership firms registered under Indian Partnership Act? As far as I know, it is not applicable for partnership firms/LLP's. Am I correct?
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 27 September 2010
yes r u correct
Vaibhav
(Article)
(46 Points)
Replied 27 September 2010
NO ITS ONLY APPLICABLE FOR THE COMPANIES... READ SECTION 115JB of INCOMETAX ACT, 1961.
Ajay Mishra
(Company Secretary)
(74342 Points)
Replied 27 September 2010
Dear Friend
MAT is applicable only to company registered under Companies Act, 1956 and which are taxable under Income Tax Act, 1961.
Regards
Saurabh Toshniwal
(ca final)
(2363 Points)
Replied 27 September 2010
| Originally posted by : Karan Thacker | ||
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MAT is only applicable to Companies |
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Versatile.......
(Chartered Accountant)
(82 Points)
Replied 27 September 2010
yes..applicable only to companies...refer section 115JB....!!!
vijay
(Accountant)
(902 Points)
Replied 27 September 2010
MAT is applicable only to Comapnies registered under Companies Act, 1956
Mayur Kolte
(practice)
(81 Points)
Replied 27 September 2010
hi
if anyone is having ca final costing and DT compiled notes please upload the same
Max Payne
(employed)
(2574 Points)
Replied 27 September 2010
Dear Vijay,
Company need not be registered under the companies act.
It may be foreign co.
FYI
CA Saurabh Kataria
(Partner)
(68 Points)
Replied 27 September 2010
mat is applicable only on companies.........
Normally, a comapny is liable to pay tax on the income computed in accordance with the provisions of the income tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. There were large number of companies who had book profits as per their profit and loss account but were not paying any tax because income computed as per provisions of the income tax act was either nil or negative or insignificant. In such case, although the companies were showing book profits and declaring dividends to the shareholders, they were not paying any income tax. These companies are popularly known as Zero Tax companies. Inorder to bring such companies under the income tax act net, section 115JA was introduced w.e.f assessment year 1997-98.
According to this section, if the taxable income of a company computed under this Act, in respect of previous year 1996-97 and onwards is less than 30 % of its book profits, the total income of such company is chargeable to tax for the relevant previous year shall be deemed to an amount equal to 30 % of such book profits.
A new tax credit scheme is introduced by which MAT paid can be carried forward for set-off against regular tax payable during the subsequent five year period subject to certain conditions, as under:-
CA Shankar Mallick
(Proprietor)
(240 Points)
Replied 28 September 2010
As per sec 115JB MAT is applicable only to Companies
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