Mat Format Income Tax

Minimum alternate tax mat rates for the a y. For calculating the tax outflow of company first the tax is required to be calculated. It was first introduced by the finance act 1987 and made effective from ay 1988 89.

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Total marginal relief 19 99 295 19 50 000 49 295.

Mat format income tax.

There is a credit of mat of 4 68 000 which can be carried forward to 15 assessment year. Education cess 4 on 19 50 000 78 000. On minimum alternate tax mat alternate minimum tax amt a mat was introduced for the first time in the ay 1988 89. Tax computed as per the normal provisions of the income tax law i e by applying the relevant tax rate to the taxable income of the company.

The tax computed by applying 15 plus surcharge and cess as applicable on book profit is called mat. Tax amt applies tax payable cannot be less than 18 5 hec of adjusted total income computed as per section 115jc. Mat is calculated at 15 of the book profit as per section 115jb of income tax act 1961. Tax computed 15 plus surcharge and cess as applicable on book profit manner of computation of book profit is discussed in later part.

There are specific provisions under the income tax act 1961 under which the mat is collected from every company it is calculated under section 115jb of the income tax act. For provisions relating to amt refer tutorial on mat amt in. Payable tax cannot be less than the 18 5 of book profit in an assessment year the mat rate has been reduced to 15 from fy 19 20. Total tax payable under mat 19 50 000 78 800 20 28 000.

All companies are required to pay corporate tax based on which is higher of the following. Mat a brief introduction. Mat is a tax levied under section 115jb of the income tax act 1961. 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. Minimum alternative tax is payable under the income tax act. Hence tax payable by company 20 28 000. Tax computed in above manner can be termed as normal tax liability.

We have attached below an excel utility to compute the mat as per provisions of section 115jb of income tax act 1961. Later it was withdrawn by the finance act 1990 but reintroduced again from 1 april 1997. While preparing the utility author of the utility has considered various income tax cases decided by various judicial authorities both in favour of assessee and in favour of revenue.

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