Answer / h.r. sreepada bhagi

MAT - MAT stands for Minimum Alternate Tax.

In India Profit & Loss A/c of a Corporate entity is prepared
as per the Companies Act, 1956. Taxable Income & Income Tax
is calculated as per the Income Tax Act, 1961. There are
many cases wherein, The Company has earned profit as per the
P&L A/c (Called Book Profit). However when Computation is
made for Income Tax Purposes, the Taxable Income may be Nil
or Negative. One of the reasons of this is the difference in
the method & rates of depreciation allowance under these Acts.

To plug this loophole the Government has introduced Section
115JA to the Income Tax Act w.e.f. the Assessment year
1997-98. As per this section, if the Income computed as per
the Provisions of the Income Tax Act is less than 30% of
Book Profit for any previous year, The total income is
deemed to be 30% of Book Profits for that year & charged to
Income Tax @ the MAT rate specified.

Answer / muhammad waseem

Its stand for Minimum Alternative Tax.

Can we claim for the amt. of CST paid if in the case of sales return with in six month?

7 Answers   Genpact, NCGH,

---

How has accountancy changed over the last ten years?

4 Answers   Ernst Young,

---

Explain what are the different functions of internal audit?

0 Answers  

---

What are the reasons for getting audited?

0 Answers  

---

What is the Difference between Current Assets and Fixed Assets and how would you classified it

19 Answers   GET Engineering Construction,

---

central excise all question

0 Answers   TATA, Vijaya Aero Blocks,

---

if there is PPF (SAVINGS ) GIVEN IN THE TRIAL BALANCE UNDER THE HEADING CAPITAL THEN WHERE WILL ITS EFFECT BE ??

2 Answers  

---

how many years deduct the depreciation amount

4 Answers  

---

Required ecc no of pan number AABCU0139q

1 Answers   Lloyds,

---

duties of auditor

9 Answers  

---

what is the entry of Salary Provision

2 Answers  

---

what is the marks of section officer interview

1 Answers   SSC,

---