Mat Company Taxation
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8 40 000 will amount to rs.
Mat company taxation. Tax 30 on rs. Normal tax rate applicable to an indian company is 30 plus cess and surcharge as applicable. Minimum alternative tax is payable under the income tax act. When a company pays tax under mat the tax credit earned by it shall be an amount which is the difference between the amount payable under mat and the normal tax.
Normal tax in this case means the tax payable on the basis of normal computation of total income of the company. 8 lakh while the liability as per the provisions of mat is rs. When mat for a company is greater than its normal tax liability the difference between the mat and normal tax liability is called mat credit. Tax liability of a company for fy 2019 20 under normal provisions of the income tax act is rs.
It was felt that due to various concession provided in tax laws big corporate groups become zero tax companies. The concept of mat was introduced to target those companies that make huge profits and pay the dividend to their shareholders but pay no minimal tax under the normal provisions of the income tax act by taking advantage of the various deductions and exemptions allowed under the act. I normal tax liability or ii mat. On minimum alternate tax mat alternate minimum tax amt a mat was introduced for the first time in the ay 1988 89.
The tax liability of a company will be higher of. Mat is similar to an advance tax. Minimum alternate tax mat rates for the a y. Mat a brief introduction.
It is allowed to be carried forward for a period of 15 financial years.
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