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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
| Is This Answer Correct ? | 2 Yes | 11 No |
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 |
I have some queries about Service Tax, I am working in a Insurance Broking Company. 1) We have raised one bill on 25.04.09 for the services provided by us in the month Mar, 09 Now We received the chq on May, 09 followed in the Month of June,09. When the service tax is actually payable in the month of received of Service tax amount or in the month of services actually provided by us (Mar09) 2) Can we take 100% credit of Service Tax Input paid to those who provided services to us. Suppose Service Tax payable is Rs. 100/- and Service tax charged by the other firms/company Rs. 80/-. The question is That can we deduct Rs. 80/- (already paid). Now Net ST payable would be Rs. 20/- or other percent of service tax input is available 3) What is the rate of interest for Service tax if not paid on time. Pls help me out asap
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