Hello Mr.Narayan,
As Section 115JB of the Income tax act clearly states, MAT is applicable to companies only. There is no room for any confusion here.
Is MAT applicable for Partnership Firms?
Page no : 2
Nirav
(Bcom, LLB, CA Final)
(107 Points)
Replied 28 September 2010
MAT is applicable to only those assessee whose books of accounts are prepared according to the schedule VI of companies act, 1956. as firms / LLP's books of accounts are not prepared by the act MAT is not applicable to firms / LLP's
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