Mat Rate For Ay 2019 20

For fy 2019 20 tax payable is computed at 15 previously 18 5 on book profit plus applicable cess and surcharge.

Mat rate for ay 2019 20.

The new tax rate will be. Income tax slabs rates for ay 2019 20. In ay 2019 20 minimum alternate tax mat will be levied 18 5 on book profit. Now compute tax payable as per mat provisions tax payable 18 5 surcharge 7 19 795 of 1 01 00 000 19 99 295.

For provisions relating to amt refer tutorial on mat amt in tutorial section. Tax rates applicable under sections 115 o and 115qa during a y. The promulgated ordinance reduced the mat rate of tax for ay 2020 21 to 15 per cent but did not amend section 115jaa related to mat credit. Hence cbdt issued a circular no 29 2019 dated 02 10 2019 to clarify that a domestic company which availed the benefit of the reduced tax rate by using the option under section 115baa shall not be entitled to avail the brought forward mat credit.

4 of income tax plus surcharge. Mat is levied at the lower rate of 9 plus surcharge and cess as applicable for companies that are a unit of an international financial services centre and derive their income solely in convertible foreign exchange. 7 of taxable income if net income exceed 1 crore but does not exceed 10 crore and 12 of taxable income if net income exceed 10 crore. For individual salaried huf senior citizen firm and more get income tax slab with example.

The amount of tax and surcharge cannot exceed the tax calculate under marginal relief. Tax rates for tax collection at source tcs u s 206c during the a y. Mat rate to be 9 instead of 18 5 in case of a unit located in an international financial services center section 115jb 7. Health and education cess.

The tax rate is 15 with effect from ay 2020 21 fy 2019 20 2. Income tax rates tax slabs ay 2018 2019 2019 2020 section wise other income tax rates ay 2018 2019 2019 2020 specified in the income tax act. The fm also reduced mat from the present rate of 18 5 per cent to 15 per cent giving relief to those companies that will continue to avail of incentives and exemptions. Mat is equal to 18 5 15 from ay 2020 21 of book profits plus surcharge and cess as applicable.

Assessment year 2019 20 in case of a unit located in an ifsc which derives its income solely in convertible foreign exchange the rate of amt under section 115jf shall be at the rate of 9 instead of existing rate of 18 50.