Mat Rate For Ay 2013 14

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.

Mat rate for ay 2013 14.

There is a credit of mat of 4 68 000 which can be carried forward to 15 assessment year. 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. So there will be an additional saving of rs 22000 in tax if your taxable income is rs 10 00 000 as compared to previous year. For financial year 2013 14 additional surcharge called the education cess on income tax and secondary and higher education cess on income tax shall continue to be levied at the rate of two per cent.

1 cr 5 education cess 2 education cess 2. 30 of taxable income calculate tax liability for ay 2013 14 surcharge. Income tax rate for foreign companies ay 2013 14 fy 2012 13 foreign company s profit shall be charged at a flat rate of 40 for ay 2013 14 fy 2012 13 add. Minimum alternate tax mat in the case of companies if tax payable on its total income as computed under the i t.

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. The amount of income tax as computed in accordance with above rates and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 5 of such income tax provided that the taxable income exceeds rs. And one per cent. 1 cr 5 surcharge if taxable income is more than rs.

Tax payable 18 5 surcharge 7 19 795 of 1 01 00 000 19 99 295. Total tax payable under mat 19 50 000 78 800 20 28 000. Surcharge ec and shec 3. How to calculate mat.

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. 1 cr 2 surcharge on income tax. 2012 2013 6 resident company income tax 18 5 income tax 18 5 minimum alternative tax mat surcharge if taxable income is more than rs. Mat is equal to 18 5 15 from ay 2020 21 of book profits plus surcharge and cess as applicable.

Total income exceeds rs. The tax rate is 15 with effect from ay 2020 21 fy 2019 20 2. Rates of income tax for a y. Respectively on the amount of tax computed inclusive of surcharge wherever applicable in all cases.