what is mat calculation ?
Answers were Sorted based on User's Feedback
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.
| Is This Answer Correct ? | 15 Yes | 0 No |
what are the main tools of auditing?
0 Answers Axis Inspection Solutions, Fidelity, Sri Padma Balaji,
what is cenvat credit&audit
i am deposit cash in my bank. And i want to do sale against cash deposited into bank. but i face some problem,, like how can i handle daly basies expensies when i am doing sale against cash deposit in tally how can i manage this type of problems. any body can please tell me.
i read in andhra bank recruitmentin that i saw english languages marks are eligible what is that eligible mark
What is the motivation to join as an auditor @ Ernst and Young ?
What is Esi ,Pf,and Payroll?
Why do you choose Auditing ?
"DUTIES OF AN AUDITOR IN VERIFYING PURCHASE OF A BUILDING" PLEASE REFER ME A BOOK TO SEARCH FOR THIS
different between income accrued and income receivables
What is the reason(s) for leaving your present employment
i have completed my b.com gradution i want to expert in audit and taxation for this which course should i do
How to prepare an Audit Programme of a Private Limited Manufacturing Company? What is the format?