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.
Now mat credit is avilable for 7 years .
MAT is minimum alternative tax incase compnay have no tax
liability as per incometax act ,so compnay pay mat @10%.
some of items addedback & deducted for calculating mat .
I got 3 houses in Hyderabd from which i am not getting any
rent because In A house i occupied for my family, No.B was
occupied by My father and C was occupied by my sister.I am
putting Nil in the column mentioned for income from house
property. Is it right or wrong pl let me know
AOP meana association of persons which includes individuals
BOI means association of individuals .so my question is
how to recognize a client whether he is aop or boi when he
is a associaton of INDIVIDUALS.I will be helpful to those
answered my question