What is Minimum Alternate tax & which companies are comes under MAT & what is the current rate of MAT as per latest budget?
4 Replies
MD.Taufique
(CA,CS)
(308 Points)
Replied 09 March 2011
Mat stands for Minimum Alternate Tax.It is the tax which is paid by companies.The current rate of tax is 18.5%.If the normal tax as per total income is less than the tax calculated as per 115JB i.e book profit,then the company is required to pay Mat.Credit for the same would be allowed subject to certain conditions.
Pankaj Arora
(Learner)
(3134 Points)
Replied 09 March 2011
https://finance.indiamart.com/taxation/corporate_tax/mat.html
current rate of MAT is 18.50%...
Parmod Rawat
(B.COM,MBA,CWA Inter)
(401 Points)
Replied 09 March 2011
whether every company calculate their tax as per MAT or is their any conditions to calculate tax as per MAT also??
Pankaj Arora
(Learner)
(3134 Points)
Replied 09 March 2011
Mostly company calculate their tax as per income tax act. If company is profit in negative figure according to IT act than they have to pay tax as per MAT rules.
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