08 August 2007
yes , MAT is exempted for the companies having income exempt u/s 10A 10B(upto A.Y 2007-08) or sec 11 or 12... Therefore if a company is eligible for exemption u/s 80IA or IB then it is chargeable under MAT
Nowhere in the law it is mentioned that MAT is not applicable for a company which exempted from Tax U/S 80IA...but it is specifically mentioned that MAT is exempted for the companies having income exempt u/s 10A 10B(upto A.Y 2007-08) or sec 11 or 12..