Mat Rate For Ay 2012 13

In each finance bill the government increased the rate of mat and now this rate has increased to 18 5 in ay 2013 14 from 7 5 in ay 2001 02 and simultaneously kept reducing the difference between the mat and normal rate to reduce the eligibility of mat to the companies.

Mat rate for ay 2012 13.

The tax rate is 15 with effect from ay 2020 21 fy 2019 20 2. 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. 13 33 850 15 75 900 13 33 850. Tax rates are for assessment year 2012 13 assessment year 2011 12 assessment year 2010 11 ay 2009 10 basic rates for companies are same however surcharge has been reduced to 5 from 10 dividend distribution tax rate are same in last four years mat minimum alternate tax rate has been increased in last four years.

It is to be noted that rate of eighteen and one half per cent is applicable for a y. Tax liability as per the mat provisions are given in sec 115jb 18 5 of book profits plus 4 education cess plus a surcharge if applicable. There are many issues related to section 115jb which have been the matter of contention between the assessees and the department. These tables reflect announcements made between december 2011 and march 2012.

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. Income tax rates income tax slabs for ay 2012 13 individuals and hufs. Minimum alternate tax mat in the case of companies if tax payable on its total income as computed under the i t. 2011 12 and fifteen per cent for a y.

How to calculate mat. These rates were eighteen per cent for a y. 7 1 2 all taxpayers range of house property income ay 2012 13 range no. Mat stands for minimum alternate tax described as a direct tax that has to be paid by the companies that are enjoying tax benefits or tax exemptions instead of having huge profits under various schemes framed under income tax act.

Act 1961 in respect of any previous years is less than 18 5 of its book profit then such book profit shall be deemed to be the total income of the company and tax shall be payable at 18 5 on such total income. Mat is equal to 18 5 15 from ay 2020 21 of book profits plus surcharge and cess as applicable.