What Is Mat In India

Minimum alternate tax mat is a tax effectively introduced in india by the finance act of 1987 vide section 115j of the income tax act 1961 it act to facilitate the taxation of zero tax companies i e those companies which show zero or negligible income to avoid tax under mat such companies are made liable to pay to the government by deeming a certain percentage of their book. Rules pertaining to section 115ja are applicable to foreign companies that generate profits through their operations in india. All india management aptitude testing service aimats conducts a national level management entrance test for admission to mba and postgraduate management programs of a number of institutes spread across india.

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Under the provisions of section 115jb where the income tax calculated under the income tax act is less than 18 5 of the book profit then such book profit shall be deemed to the total income of the assessee and tax payable.

What is mat in india.

To improve accountability and to ensure that no company avoided paying taxes the government of india in 1988 came up with the concept of mat which facilitates the taxation of zero tax companies. Features of the mat regime. How is mat calculated. Introduced by the finance act 1987 mat came into effect from assessment year 1988 89.

However it was repealed in 1990 and was re inducted in. In india mat is levied under section 115jb of the income tax act 1961. The key reason for introduction of mat is to ensure minimum levels of taxation for all domestic and foreign companies in india. The present mat rate as of fy 2019 20 is 15 of book profit previously 18 5 plus applicable cess and surcharge.

The mat is conducted 4 times a year in the months of february may september and december. The common features of mat are as under. Presently mat is applicable to companies domestic and foreign but here only mat on company s u s 115jb is discussed. Minimum alternate tax or mat is only applicable to companies and not to individuals hufs partnership firms etc.

It was introduced in the year 1987 and implement the following year.

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