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