Transcription of Minimum Alternate Tax - MCA
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Minimum Alternate Tax - MCA
Minimum Alternate TaxCA. Sachin Kumar B PMay 30, 2016 Section 115JB and relevant provisions of the Alternate TaxKosho moolo Dandah(Revenue is the root of administration)-Kautilya s Arthashatra Itwasonlyforthegoodofhissubjectsthatheco llectedtaxesfromthem,justasthesundrawsmo isturefromtheEarthtogiveitbackathousandf old -Kalidasain Raghuvansha praising King DilipaObjective of MATC ompanies make huge moneyBut due to exemptions and deductions available , pay negligible or nil taxes to IT DeptTo bring them in tax net, MAT is applied Why MAT ? companies ActPBDT150 Depreciation Computer : 20 Machinery : 30(50)Profit100 Tax-Profit availablefor ESH100 Dividend@ 20%20 Income-tax ActPBDT150 Depreciation Computer : 60 Machinery : 30 Normal : 40 Additional: 55(155)Profit(5)Tax-ProfitAfter Tax(5)Applicability of MATC ompanies Incorporated under companies ActElectricity CompaniesInsurance CompaniesBanking CompaniesCompanies Incorporated deriving Income under Life Insurance BusinessSection 25 companies [Travel Agents Association of India Vs ACIT]Shipping income covered under tonnage tax by finance act 2016A foreign company:-being resident of a DTAA country with NO PE in India-being resident of a Non-DTAA country and who is not required to seek registration under any law in force in of MA
Applicability of MAT Companies Incorporated under Companies Act Electricity Companies Insurance Companies Banking Companies Companies Incorporated deriving …
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