hello everybody.....hope everyone is doin gud......i hav small doubt....i asked many people n dint get proper answers....last year budget 2009.....MAT ws removed right and also was surcharge....i saw d the budget speech given by our finance minister.....but later in the books the amendments said.....surcharge is still applicable for companies and MAT is still followed.....so here i didnt understand anything.....can u please clarify this....does it depend upon passing of the bill...if so how will we know what all have been confirmed after the bill is passed.
4 Replies
Chintan Shah
(-)
(534 Points)
Replied 28 February 2010
Dear Kinnary,
In the previous budget MAT was not removed but its rate was enhanced from 10% of book profits to 15% of book profits. About surcharge you are partly right. Surcharge was removed for all assessees accept domestic and foreign companies. It as maintained as it is @ 10% for domestic companies and 2.5% for foreign companies in last budget. In current budget MAT rate has been enhanced to 18% of book profits and surcharge on domestic companies is reduced to 7.5% while surcharge for foreign companies remain at 2.5%.
Regards
Chintan
C.Balaji
(Learner)
(1867 Points)
Replied 28 February 2010
Dear Kinnary.........
Agree with CHINTANSHAH..........
Budget 2009 - MAT was not removed - It was increased from 10% of book profits to 15% of book profits.......
Surcharge was removed for all assessees except Domestic and Foreign companies.......
It was 10% for domestic companies and 2.5% for foreign companies........
Budget 2010 - MAT rate has been increased from 15 % to 18% of book profits.........
Surcharge - Domestic companies 7.5% - Foreign companies 2.5%.
manish
(Article Assitant)
(358 Points)
Replied 01 March 2010
According to the previous budget,
1) MAT was not removed the rate is increased from 10% to 15%.
2) surcharge was removed for all assessees except domestic, foreign companies & Sec 195.
In according to the current budget,
1) MAT rate has been enhanced to 18% of book profits
2) surcharge on domestic companies is reduced by 2.5% (i.e. 7.5%) & for foreign companies it's remain at 2.5%.
Prasanth Nair V
(ACA,ACS,CWA Final,Mcom)
(557 Points)
Replied 16 March 2010
Yes, Mat was not removed in the Last Budjet
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