Mat

Circulars 1479 views 5 replies

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

Replies (5)

 

 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

 

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

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.

Hey MAT is applicable to all assesse subject to the condition mentioned in sec.115JB

Correct me if I am wrong, MAT is for companies and AMT is for LLP and now after this budget, AMT is applicable to individual as well.


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