Profit and Loss A/c
This query is : Resolved
30 November 2010
Hi
Please give me the full details of MAT. and how to calculate the MAT and for which type of organisation it should compulsory to calculation.
Please give me the full details of MAT. and how to calculate the MAT and for which type of organisation it should compulsory to calculation.
01 December 2010
MAT stands fir Minumum Alternative Tax.
The provision of MAT are applicable only for Companies including foreign companies.
When a company claims the exemptions U.s10 though they have huge profits, the governemt of India was losing taxes, to mitigate this problem, they introduduced a special provisions of Sec 115JB.
Corporates shall pay the Income tax either normal or U/s. 115JB whichever is HIGHER.
Refer the link
http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=473576d2-e457-403c-bc49-2c015902cad1&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=115JB&sch=&title=Taxmann - Direct Tax Laws
The provision of MAT are applicable only for Companies including foreign companies.
When a company claims the exemptions U.s10 though they have huge profits, the governemt of India was losing taxes, to mitigate this problem, they introduduced a special provisions of Sec 115JB.
Corporates shall pay the Income tax either normal or U/s. 115JB whichever is HIGHER.
Refer the link
http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=473576d2-e457-403c-bc49-2c015902cad1&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=115JB&sch=&title=Taxmann - Direct Tax Laws
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