wat is mat ?
4 Replies
DINESH PATEL
(FINANCE &ACCOUNT MANAGER - CA FINAL STUDENT)
(657 Points)
Replied 06 November 2008
MAT means Minimum Alternative Tax, lavied from Company if tax as per income tax is less than tax as per compay's act profit
CA Annie
(Chartered Accountant )
(747 Points)
Replied 07 November 2008
In simple terms, All companys must pay tax, this is even if the company does not hav taxable profits....This tax is called MAT
Minimum Alternate Tax provides that where the total taxable income of a company is less than 30 percent of its book profits, computed in accordance with the Companies Act, 1956, the company would be required to pay income tax on 10.5 percent of its book profits.
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 07 November 2008
A small amendment to what Ms.Annie said. Not all companies are required to pay tax. All companies who exhibit book profit must pay tax, not withstanding their taxable income as computed under IT Act is zero!
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 07 November 2008
Dear Mr. Srinivasaraghavan
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