WHAT IS MAT
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Answer / aneesh
MAT-Sec 115JB
The concept of Minimum Alternate Tax (MAT) was introduced in the direct tax system to make sure that companies having large profits and declaring substantial dividends to shareholders but who were not contributing to the Govt by way of corporate tax, by taking advantage of the various incentives and exemptions provided in the Income-tax Act, pay a fixed percentage of book profit as minimum alternate tax.
Section 115JB, inserted by the Finance Act, 2000 has cast a responsibility on the chartered accountant to certify that the book profit has been computed in accordance with the provisions of the Income-tax Act. He has also to certify the income-tax payable by the company.
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Answer / sushree
mat stands for minimum alternate tax u/s 115jc.the tax rate is 18.5% plus education cess @3% .it can't be appilicable if total income of the person and huf and boi does't exceed twenty lakh rupees.it can be carry forward 5 consucative year.as per income tax act 1961.
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Answer / asharaf khan
Mat- Minimum Alternative Tax
As per section 115 JA of the Income Tax Act, if a company’s
taxable income is less than a certain percentage of the
booked profits, then by default, that much of the book
profits will be considered as taxable income and tax has to
be paid on that.
The current rate for MAT is 18%, up from 7.5% in 2001-2002.
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Answer / prasoon mishra
MAT is basically used in taxation for "Minimum Alternative Tax" (U/S 115JB)In the new Assessment Year 2010-11.MAT is the comparison of tax amount which We had paid in the Previous year According to income tax act and MAT.if we had paid some amount extra then it will be credit for us which we can carry forward for for next 7 years.MAT rate implies 10% Tax on Book Value, 10% Surcharge & 3% Education cess (tax plus surcharge).
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Answer / utkarsh
MAT IS A EDUCATION OF MANAGEMENT APTITUDE TEST EXAM,this is
afflilated to more info call me at 09335008335
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Answer / kinth
mat is generic term of a piece of fabric flat surface
generally place in flat surface or other flat area and serving
range of porposes
| Is This Answer Correct ? | 7 Yes | 24 No |
Hello all , I have a doubt regarding TDS.My salary ranges between 22k to 26 k per month and i have a TDS component cut every month.My doubt is that what is the % of tax ? what are the ways i can get back my TDS and what are the methods that can help reducing tax .And my another doubt is that whether the tax is calculated only on the basic pay or on the whole salary I get ? because my salary has HRA in its component ,will that also be counted in tax calculation or excluded ?
Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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