29 September 2018
Dear Sir, Whether MAT provisions are applicable only to the companies or other than companies such as proprietory, individuals etc, kindly clarify
01 October 2018
MAT is applicable to Company u/s 115JB, every taxpayer being a company is liable to pay MAT, if the Incometax(including surcharge and cess) payable on the total income, computed as per the provisions of the Income-tax Act in respect of any year is less than 18.50% of its book-profit + surcharge (SC) + education cess (EC) + secondary and higher education cess.
The provisions of AMT or Alternate Minimum Taxation are applicable to non-corporate taxpayers in a modified pattern. AMT applies to a person other than a company. The provisions relating to AMT is given under Sections 115JC to 115JF.AMT is applicable to LLPs and Non-corporate assessee
CAclubindia
