When and to whom MAT provisions are applicable U/s 115JB ?
8 Replies
Nirav
(Accountant)
(595 Points)
Replied 08 July 2010
Applicable to only companies except those engaged in infrastructure and power sectors [section 80-IA].
Income arising from Free Trade Zones (FTZs) [section 10A], 100 per cent Export-Oriented Undertakings (EOUs) [section 10B], charitable activities [sections 11 and 12], investment by a venture capital company and other exempted incomes [section 10] are excluded from the purview of the alternate tax.
if tax payable on total income is less than 7.5% of book profit, the tax payable under this provision shall be 7.5% of book profit.
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 08 July 2010
It is applicable to companies only.
It is appliacable if tax payable total income is less than 15% (From F. Y. 2010 - 11 - 18%) of book profit as computed u/s 115JB, the tax payable under this provision shall be 15% (From F. Y. 2010 - 11 - 18%) of book profit.
Archana Bhaskar Madkaikar
(Accountant)
(56 Points)
Replied 26 May 2012
Minimum Alternate Tax (MAT) is payable by companies.
The MAT rate for A.Y. 11-12 is 18%.
Though there has been a consistent demand from companies from various sectors for its removal, the Government continues with this tax.
CA.kaya
(Chartered accountant)
(3990 Points)
Replied 26 May 2012
MAT applicables to company.
tax payable by campany is higher of below
1. 30% on net profit ( as per profit and loss a/c)
2. 18% on book profit ( profit cal as per 115jb)
CA. AJAY PANCHARIA
(CA)
(527 Points)
Replied 26 May 2012
APPLICABILITY---MAT is applicable only to companies(excluding infrastructure co. and power sector co And co. under SEZ.)
AT WHAT RATE---18%+surcharge(if applicable)+cess
CRITERIA---30/40% of profit(Depend on nature of co.)or18%of turnover Whiver is higher.
CA. AJAY PANCHARIA
(CA)
(527 Points)
Replied 26 May 2012
APPLICABILITY---MAT is applicable only to companies(excluding infrastructure co. and power sector co And co. under SEZ.)
AT WHAT RATE---18%+surcharge(if applicable)+cess
CRITERIA---30/40% of profit(Depend on nature of co.)or18%of book profit Whiver is higher.
manoj patel
(raticale)
(32 Points)
Replied 18 September 2012
thank all of you who are sharing their valuable knowledge
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