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On minimum alternate tax mat alternate minimum tax amt a mat was introduced for the first time in the ay 1988 89.
What is mat tax guru. Applicability of mat mat is applicable to all companies including the foreign companies. Report from ca to be furnished electronically as per rule 12 2 in form 29b to certify book profits are computed as per sec 115jb. The effective tax rate for such companies will be 25 17 per cent inclusive of all surcharge and cess. 8 40 000 will amount to rs.
Current tax is the amount of income tax determined to be payable recoverable in respect of the taxable income tax loss for a period. Minimum alternative tax mat and its computation of book profit and mat credit under section 115jb of income tax act 1961. The minimum alternative tax mat is a provision introduced in direct tax laws to limit the tax deductions exemptions otherwise available to taxpayers so that they pay a minimum amount of tax to the government. Book profit of the company is rs.
Analysis of provision of section 115jb where in case of a company the income tax payable on the total income as computed under the income tax act in respect of any previous year is less than 15 of its book profit then such book profit shall be deemed to be the total income of the assessee and the tax. It is calculated on the basis of the book profits of a company not its. Tax 30 on rs. I normal tax liability or ii mat.
Report to be obtained in all cases irrespective of the fact that company pays mat or not since mat liability can be ascertained. Deferred tax is the tax effect of timing differences. Normal tax rate applicable to an indian company is 30 plus cess and surcharge as applicable. Such companies shall not be required to pay minimum alternate tax mat.
Mat is a tax provision reintroduced in 1997 in an attempt to bring zero tax high profits companies into the income tax net. Tax guru is a reliable source for latest income tax gst company law related information providing solution to ca cs cma advocate mba taxpayers. Minimum alternate tax mat rates for the a y. Timing differences are the differences between taxable income and accounting income for a period that originate in one period and are capable of reversal.
It was felt that due to various concession provided in tax laws big corporate groups become zero tax companies. Report of a accountant for mat.
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