Dear friends,
Have any idea about position of MAT under new Direct Taxes Code ?
A recent news came that says MAT should be abolished under New Direct Taxes code. what is your view ?
Please go through the attached file...
5 Replies
CA. Gurdeep Singh Chawla
(C A)
(7080 Points)
Replied 21 October 2009
It should be amended not abolished.
Srikant
(CA,CS,CMA,LLb,M.Com)
(1289 Points)
Replied 21 October 2009
| Originally posted by :Srikant | ||
| " | Dear friends, Have any idea about position of MAT under new Direct Taxes Code ? A recent news came that says MAT should be abolished under New Direct Taxes code. what is your view ? Please go through the attached file... |
" |
Can you suggest some possible amendments ?
e.g. Rate of MAT to be increased ( for 2010-11 AY it is 15 %) or few adjustments to be incorporated or anything else ?
Thanks very much for your interest..
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 21 October 2009
under the new direct tax code, the MAT is proposed to be based on a percentage on the value of assets rather than profits as like the current system!!!!!!!!!!!!!!!!!!!
it is .25% of 'value of gross assets' in case of banking co. and in case of other companies, it is 2%...!!!!!!! ALSO IT IS CONSIDERE AS FINAL TAX AND HENSE NO CREDIT IN LATER YRS.......!!!!!!!!!
Srikant
(CA,CS,CMA,LLb,M.Com)
(1289 Points)
Replied 23 October 2009
| Originally posted by :Ashish M | ||
| " | under the new direct tax code, the MAT is proposed to be based on a percentage on the value of assets rather than profits as like the current system!!!!!!!!!!!!!!!!!!! it is .25% of 'value of gross assets' in case of banking co. and in case of other companies, it is 2%...!!!!!!! ALSO IT IS CONSIDERE AS FINAL TAX AND HENSE NO CREDIT IN LATER YRS.......!!!!!!!!! |
" |
I need some thing more....More participants in this discussion...is there anybody to suggest something here ?
Gaurav Raichura
(CA-Final Student)
(82 Points)
Replied 23 October 2009
The reply given by Ashish is totally correct and Mr. Srikant should gothrough the Schedule of DTC and definitions of Gross Asset.
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
