MAT
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 March 2011
Please tell brief knowledge about MAT
17 March 2011
http://catuts.com/minimum-alternate-tax-mat/
Please see above link for detail info.
Please see above link for detail info.
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17 March 2011
Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the income tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. There were large number of companies who had book profits as per their profit and loss account but were not paying any tax because income computed as per provisions of the income tax act was either nil or negative or insignificant. In such case, although the companies were showing book profits and declaring dividends to the shareholders, they were not paying any income tax. These companies are popularly known as Zero Tax companies.
The Finance Act, 2000, inserted section 115JB of the Income-tax Act, 1961, with effect from 1-4-2001, i.e., from the assessment year 2001-02 providing for levy of Minimum Alternate Tax (MAT) on companies. In current budget, basic rate of MAT increased to 18.50 percent from 18 percent. MAT credit is available for 10 years.
The Finance Act, 2000, inserted section 115JB of the Income-tax Act, 1961, with effect from 1-4-2001, i.e., from the assessment year 2001-02 providing for levy of Minimum Alternate Tax (MAT) on companies. In current budget, basic rate of MAT increased to 18.50 percent from 18 percent. MAT credit is available for 10 years.
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