Mat Rate For Ay 2009 10

M01729 which you were given when your test centre registered you for the mat and which you wrote on the front of your mat test paper.

Mat rate for ay 2009 10.

Tax paid under section 115jb for a y. In other words if mat credit cannot be utilized by the company within a period of 15 years immediately succeeding the assessment year in which such credit was generated then such credit will lapse. Minimum alternate tax mat rates for the a y. Sitharaman has now brought down the rate to 15 per cent.

It was felt that due to various concession provided in tax laws big corporate groups become zero tax companies. 1 lakh the tax liability as per the normal provisions for fy 2019 20 is rs. No option left for the corporates. This is the letter m followed by a 5 digit number e g.

2006 07 and any subsequent year would be allowed as a credit from the normal tax payable for any subsequent year in accordance with the provisions contained in section 115jaa for 7 assessment years upto assessment year 2009 10 and for 10 assessment years from assessment year 2010 11. Thus corporates were given higher mat credit when tax liability under mat was very low and reduced the same when rate under mat increased to very high rate of 18 5. For instance if the excess tax is paid is in fy 2016 17 then the credit of such tax can be carried forward from in fy 2017 18. If a company has mat credit of rs.

On minimum alternate tax mat alternate minimum tax amt a mat was introduced for the first time in the ay 1988 89. The company can carry forward the mat credit for adjustment in subsequent year s however the mat credit can be carried forward only for a period of 15 years after which it will lapse. If you wish that university to take your mat score into consideration you must provide them with your mat registration number. 10 lakh while that as per the mat provisions is rs.

05 october 2009 it means the rate is 15 for the assessment year 2010 11. Unabsorbed mat credit will be allowed to be accumulated subject to the 10 years carry forward limit. The maximum amount of mat credit that you can claim cannot exceed the difference between the normal tax liability and the mat liability in the year for which the mat credit is being availed. Significantly mat can be carried forward or set off against regular tax payable subject to certain conditions.