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Tax Hotline

September 13, 2000

Corporates covered under the Minimum Alternate Tax (MAT) provisions would be liable to pay Advance taxes

Under the MAT provisions if the tax payable by a corporate is less than 7.5% of its book profits, 7.5% of book profits would be the minimum tax payable by it. In a recent judgement, Commissioner of Income Tax (Appeals) in Mumbai, India, held that any corporate covered under the Indian Income Tax Act, 1961 will be liable to pay advance tax in four installments during the accounting year on its normally estimated taxable profits. This obligation would exist irrespective of the fact that at the end of the accounting year on the basis of its audited accounts it may be liable to pay tax under the MAT provisions.

P.S. Prior to Finance Act 2000, under the MAT provisions if the taxable profit of a corporate was less than 30% of it's book profits, then 30% of book profits would be deemed to be it's taxable profit.

Source: The Economic Times, September 13, 2000

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Navigating Governance Challenges: Strengthening Non-Profit Organizations in India
Yes, Governance Matters.: September 30,2023
A step towards fostering transperancy under FCRA
Social Sector Hotline : September 29,2023

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August 24,2023

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September 23,2023

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Navigating Governance Challenges: Strengthening Non-Profit Organizations in India
September 30,2023

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A step towards fostering transperancy under FCRA
September 29,2023

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Analysis of the Competition Commission of India (Combinations) Regulations, 2023
September 28,2023

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