19 August 2014
dear friend MAT and AMT are one and same thing. It applies. for rates, please refer http://www.incometaxindiapr.gov.in/incometaxindiacr/contents/taxrates/COMPANIES_2013_14.htm
20 August 2014
Although MAT and AMT are similar but there are some differences:
MAT is applicable on companies but AMT is applicable on all non-corporate assesses,but in case of Individual/HUF/AOP/BOI its applicable if adjusted total income of such person is exceed Rs. 20 lac.
MAT is calculated on BOOK profit and AMT is calculated on adjustable total income.
MAT is payable by company on book profit if tax computed under normal provision of IT act is less than MAT. AMT is payable on adjusted total income if tax computed under normal provision of IT act is less than AMT.
Rate for MAT - 18.5%+ Surcharge+ Cess, For AMT – 18.5% + Cess.
For MAT please refer Chepter XII-B, Sec. 115JB, For AMT Chepter XII-BA,Sec. 115JC of income tax act.