Answer / luv

mat is calculated under section 115JB inserted by finance
act. it is calculated by getting out 10% of book profits
for assessment year 2010-2011 bt foryr 2011-2012 its
15% of book profits

Answer / kalpana dudhate

M Vat calculate On Billing basis
sales bill is vat is called out put of vat
purchase bill,expense bill,assets bill vat is called input
of vat
vat = out put - (less) input
balance amt is vat payable

note: assets vat is only take input take on 3% set off

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