MAT computation table

Page no : 3

KULJEET SINGH (Chartered Accountant) (27 Points)
Replied 06 August 2008

Nitesh please send me MAT table. My id is cakuljitsingh @ yahoo.com

madhur gupta (student/article ) (1022 Points)
Replied 07 August 2008

hiii friends plz send me MAT computation table

my email id is madhur_gupta @ hotmail.com

thankx in advance

(Guest)

will you please give me mat computation Table by giving example.

Thanking you

Regards.

Shashi

CA. Gurdeep Singh Chawla (C A) (7080 Points)
Replied 23 August 2008

pls send me the table at gscca @ rediffmail.com Thanks in advance

vidya nayak (job) (36 Points)
Replied 25 August 2008

pls send me the table at vidya.nayak002 @ gmail.com

R.N.Sinha (Chartered Accountant) (27 Points)
Replied 26 August 2008

How to calculate MAT

Net Profit as per Profit & Loss A/c (after tax) ----

Add back:

1.Income tax paid ----

2.Provision for i-tax ---

3.Deferred tax liability ----

4.Expenditure related to income under Section 10, 0A,10AA,10B,11 OR 12 Applies

5.Depreciation as per companies act

Less:

1. Any income under the provisions of

Section 10,10A,10AA,10B.11,12 OR

80-IAB (EXCLUDING INCOME U/S 10(38) )

2.Depreciation as per companies act (after revaluation)

3.Amount of brought forward losses or unabsorbed depreciation

Which ever is less.

Book Profit for 115JB =========

10% of Book Profit (MAT Tax) +3% (Edu. Cess) ---- which ever

30.9% of Normal Income ---- higher

Mat is applicable on a company ,if the Normal tax

Liability is less than MAT TAX

Therefore, the company has to pay Mat Tax and will get mat tax credit ,c/f to 5 years

For set off against future libility.

Notes:

1.interest on I-tax act/penalty not to be added back

2.FBT ,corporate dividend tax should not be added back

3.tax or duty not allowed as deduction u/s 43B not to be add back

4.Provision for gratuity, provision for future losses ,since an

Unascertained liability ,not to be add back.

5.dividend paid/proposed on equity/preference should be add back

6.Profit on sale of land will form part of book profit ,

Also income from capital gain should form part of book profit.

Net Profit as per Normal Provisions

Net profit as per Profit & Loss A/c --------

Add: Income tax

Add: Provision for income tax

Add: Deferred tax liability

Add: Provision for FBT

Add; Any other provision for Unascertained

Liability like the above

Add: Depreciation as per Companies act

---------

Less: Depreciation as per I-t Act

PGBP income --------

NAGSEN GAIKWAD (Service) (20 Points)
Replied 29 August 2008

Pl.tell me when MAT is applicable?

NAGSEN GAIKWAD (Service) (20 Points)
Replied 29 August 2008

pl. tell me when MAT (minimum Alternate Tax) is applicable

chandar (service) (20 Points)
Replied 30 August 2008

Originally posted by :Guest
"	How to calculate MAT Net Profit as per Profit & Loss A/c (after tax) ---- Add back: 1.Income tax paid ---- 2.Provision for i-tax --- 3.Deferred tax liability ---- 4.Expenditure related to income under Section 10, 0A,10AA,10B,11 OR 12 Applies 5.Depreciation as per companies act Less: 1. Any income under the provisions of Section 10,10A,10AA,10B.11,12 OR 80-IAB (EXCLUDING INCOME U/S 10(38) ) 2.Depreciation as per companies act (after revaluation) 3.Amount of brought forward losses or unabsorbed depreciation Which ever is less. Book Profit for 115JB ========= 10% of Book Profit (MAT Tax) +3% (Edu. Cess) ---- which ever is 30.9% of Normal Income ---- higher Mat is applicable on a company ,if the Normal tax Liability is less than MAT TAX Therefore, the company has to pay Mat Tax and will get mat tax credit ,c/f to 5 years For set off against future libility. Notes: 1.interest on I-tax act/penalty not to be added back 2.FBT ,corporate dividend tax should not be added back 3.tax or duty not allowed as deduction u/s 43B not to be add back 4.Provision for gratuity, provision for future losses ,since an Unascertained liability ,not to be add back. 5.dividend paid/proposed on equity/preference should be add back 6.Profit on sale of land will form part of book profit , Also income from capital gain should form part of book profit. Net Profit as per Normal Provisions Net profit as per Profit & Loss A/c -------- Add: Income tax Add: Provision for income tax Add: Deferred tax liability Add: Provision for FBT Add; Any other provision for Unascertained Liability like the above Add: Depreciation as per Companies act --------- Less: Depreciation as per I-t Act PGBP income --------	"