Tax
This query is : Resolved
19 October 2013
Hi
Pl rerer : https://www.caclubindia.com/articles/what-is-minimum-alternate-tax-mat--17597.asp
Thanks//VaibhavJ
Pl rerer : https://www.caclubindia.com/articles/what-is-minimum-alternate-tax-mat--17597.asp
Thanks//VaibhavJ
19 October 2013
The concept of Minimum Alternate Tax
(MAT) was introduced in the direct tax
system to make sure that companies
having large profits and declaring
substantial dividends to shareholders
but who were not contributing to the
Govt by way of corporate tax, by taking
advantage of the various incentives and
exemptions provided in the Income-tax
Act, pay a fixed percentage of book
profit as minimum alternate tax.
Section 115JB, inserted by the Finance
Act, 2000 has cast a responsibility on
the chartered accountant to certify that
the book profit has been computed in
accordance with the provisions of the
Income-tax Act. He has also to certify
the income-tax payable by the
company.
(MAT) was introduced in the direct tax
system to make sure that companies
having large profits and declaring
substantial dividends to shareholders
but who were not contributing to the
Govt by way of corporate tax, by taking
advantage of the various incentives and
exemptions provided in the Income-tax
Act, pay a fixed percentage of book
profit as minimum alternate tax.
Section 115JB, inserted by the Finance
Act, 2000 has cast a responsibility on
the chartered accountant to certify that
the book profit has been computed in
accordance with the provisions of the
Income-tax Act. He has also to certify
the income-tax payable by the
company.
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