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Mat for indiciduals and its calculations
MAT computation - Is interest income and profit on sale of Mutual Funds would become part of the computation of ‘book profits’ u/s 115JB, --- asked in one scrutiny case
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The payment of Minimum Alternate Tax or MAT is only to be done by companies and this taxation concept is not applicable to individuals, HUFs, partnership firms etc.
In the year 2011, the law was modified to include all such companies operating in SEZs and earning profit from business there, under the Section 115JB for MAT payment.
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