What is MAT ?
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It is Minimum Alternative tax. It is levied on Book profit
it ignores Accounting profit, Even if you have accounting
loss companies should pay MAT
| Is This Answer Correct ? | 16 Yes | 1 No |
Answer / pawan tiwari
MAT STANDS FOR MINIMUM ALTERNATIVE TAX.IT IS CHARGED ON 10%
OF BOOK PROFIT OR ACCOUNTING PROFIT WHICHEVER IS HIGHER.
THIS IS COVERED BY SECTION 115JB IT IS INTRODUCED AS MANY OF
THE COMPANIES LOWER THERE PROFIT BY TAKING ADVANTAGE OF LOOP
HOLES IN TAX AND THEREAFTER PAY EITHER NO TAX OR LOW
TAX.HENCE THIS SECTION IS INTRODUCED IN ORDER TO SAVE
REVENUE OF INCOME TAX.
| Is This Answer Correct ? | 10 Yes | 2 No |
Esic calculated on gross to be rounded to?
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