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.

what is the difference between cash discount and trade discount. what is the journal entry for purchase of 100000 giving (a) 5% trade discount (b) 5% cash discount.

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what is the reason for controls in an IS environment?

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how many types of audit?

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