Difference between
Querist : Anonymous
Querist : Anonymous
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.
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