Dear friends,
Have any idea about position of MAT under new Direct Taxes Code ?
A recent news came that says MAT should be abolished under New Direct Taxes code. what is your view ?
Please go through the attached file...
It should be amended not abolished.
| Originally posted by :Srikant | ||
| " | Dear friends, Have any idea about position of MAT under new Direct Taxes Code ? A recent news came that says MAT should be abolished under New Direct Taxes code. what is your view ? Please go through the attached file... |
" |
Can you suggest some possible amendments ?
e.g. Rate of MAT to be increased ( for 2010-11 AY it is 15 %) or few adjustments to be incorporated or anything else ?
Thanks very much for your interest..
under the new direct tax code, the MAT is proposed to be based on a percentage on the value of assets rather than profits as like the current system!!!!!!!!!!!!!!!!!!!
it is .25% of 'value of gross assets' in case of banking co. and in case of other companies, it is 2%...!!!!!!! ALSO IT IS CONSIDERE AS FINAL TAX AND HENSE NO CREDIT IN LATER YRS.......!!!!!!!!!
| Originally posted by :Ashish M | ||
| " | under the new direct tax code, the MAT is proposed to be based on a percentage on the value of assets rather than profits as like the current system!!!!!!!!!!!!!!!!!!! it is .25% of 'value of gross assets' in case of banking co. and in case of other companies, it is 2%...!!!!!!! ALSO IT IS CONSIDERE AS FINAL TAX AND HENSE NO CREDIT IN LATER YRS.......!!!!!!!!! |
" |
I need some thing more....More participants in this discussion...is there anybody to suggest something here ?
The reply given by Ashish is totally correct and Mr. Srikant should gothrough the Schedule of DTC and definitions of Gross Asset.
CAclubindia
