Interested to Buy Any Domain ? << Click Here >> for more details...
What is meaning of MAT? please explain in detail with an
example?
- 10 Answers
- 59987 Views
- I also Faced
- E-Mail Answers
Answer Posted / ankush kumar arora
MAT stands for Minimum Alternate Tax, as per Income tax Act, 1962. It is applicable to Companies and Firms/LLPs. Many a time, firms and companies avail all the benefits in tax laws and end up paying a paltry sum as tax or pay no tax at all, on account of excellent tax planning. The Government reports poor tax collection and thereby the projects of the government are not met or results in greater deficit than estimated. If it is not plugged in time, these perpetual deficits would result in greater inflation in the economy. Hence the governments all over the world have brought this concept of minimum amount of tax, to be collected, regardless of benefits received/availed by taxpayers. Tax is levied @ 30% and 40% on the total (taxable) income computed as per Income tax Act, 1962 for domestic and foreign companies respectively. MAT is computed at the rate of 18.5% on the book profit. Book profit is nothing but profit as per accounting records prepared for the purpose of the Companies Act, with some adjustments carried out as given under Section 115JA of Income tax Act.
| Is This Answer Correct ? | 0 Yes | 2 No |
Post New Answer View All Answers
what is the scope of business taxation in private company?
Please tell me the process of generation of TDS in Tally ERP-9 with an Example
what is the Difference between Compound Sales and Deemed Sales?
Hi, I need the clarification in Tax Rate in Karnataka for Frozen foods like Paratha, Briyani, Pasta's Please share the information for me
WE purchase Firewell for our office Rs.26500/- the vendor charge 5% vat on 26500=1325 and S.Tax 14.5% on 26500/- =3843 is it is possible please clarify
Define the term "Manufacturer"as introduced in finance act2010.
What are Excise Duty rates for Fin.Year 2009-10 for Pesticides and Chemicals Industries.
What is FBT? Is there any fixed rate of tax for all? or slab rate? pls give the detailed answer with examples. My e- mail ID: vijji_tv@yahoo.com
Sir we have maintaint RG 23 Part I Excise Register manually but we can maintaint excise register in Tally erp 9 we tray but tally not show properly RG 23 Part I Excise register like manual. please guide & solve the problme.
what is cenvat credit? plz tell service tax interest rate and watz it procedure...
what are the benifits available to become and EOU in all taxes, such as Income Tax, Sales Tax, Excise, Custom
Define Amortization & Impairment?
Please guide in Taxation. I want to know the CHALLAN NO, FREQUENCY OF TAX DEPOSIT,FILING FORM NO, FREQUENCY OF FILING OF ALL TYPES OF TAX(DIRECT & INDIRECT)
Our firm is 7 years old. We don't have PT registration for partners as well as employee. If we do it now, will it be a problem or how much penalty will come. Any one can give suggestion.
Should we give C form with Freight, Insurance, P&F after CST?
