Answer Posted / mubin saiyed
MAT is minimum alternative tax section 115JA was replaced by
section 115JB for assessment years 2001-02 onwards. As per
this section, your normal tax payable is to be compared with
7.5% of your book profits and you are required to pay the
higher of the two. From assessment year 2007-2008 onwards
your normal tax payable will be compared with 10% of book
profits are your required to pay the higher of the two.
Credit for MAT paid can be carried forward under section
115JAA for 5 years.
| Is This Answer Correct ? | 56 Yes | 14 No |
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