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Mat

TKKKKKK (PRACTICING CA) (3268 Points)

25 March 2013

CAN ANYONE PLZ GIVE ME INFORMATION ABOUT MAT APPLICABILITY IN A.Y. 13-14???

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5 Replies

Asif Khan (Taxation executive) (410 Points)
Replied 25 March 2013

MINIMUM ALTERNATE TAX - The following rate of minimum alternate tax shall be applicable for the assessment years 2012-13 and 2013-14.

A book profit does not exceed Rs. 1 crore					A book profit exceeds Rs. 1 crore
	IT	SC	EC	SHEC	Total	IT	SC	EC	SHEC	Total
Domestic company	18.5	-	0.37	0.185	19.055	18.5	0.925	0.3885	0.19425	20.00775
Foreign company	18.5	-	0.37	0.185	19.055	18.5	0.37	0.3774	0.1887	19.4361

TKKKKKK (PRACTICING CA) (3268 Points)
Replied 26 March 2013

I have read somewhere that it is applicable to all assessee from a.y. 13-14. can you plz give some inf about it??

Mihir (Wealth Manager) (5293 Points)
Replied 26 March 2013

Yes, me too. Its (AMT) Alternate Minimum Tax, which applies when the adjusted taxable income exceeds Rs. 20 lacs and charges 18.5% + cess u/s 115JC. Don't know much, though.