Generally, taxable income of a company is calculated by taking its gross sales, less permissible deductions for its various ordinary and necessary business expenses. The character and form of income and deductions varies from industry to industry and from company to company, but in general taxable income is determined with comparable methods and reported via similar requirements regardless of the entity.

Law makers observed that there is many companies which are disclosing massive profit in the accounts as laid in the Annual General Meeting (AGM) before the shareholder but at the same time these companies also showing profit nil or bit above nil for the income tax purpose. Variance between profits as per the Companies Act and as per Income Tax Act was due to many dissimilar allowance of disallowance in the both Acts e.g. difference in method and rate of depreciation provided in both Acts.

To put an end on this trend and bring these kind of companies under the tax net, law maker framed concept of MAT, according to this concept corporate entity has to pay minimum tax. The concept of MAT is govern by the provisions contains in section 115JB of Income Tax Act, 1961.

Our well experienced staff members can take up your income tax return filing process from start to finish in a very professional manner, and make the income tax return filing process as comfortable as a breeze for you. Furthermore, if you have any queries pertaining to income tax filing process in general or related to your tax filing in particular, our executives can respond to them proficiently. So what are you waiting for? Just give us a call, or fill up our contact form, and our executives will gladly assist you further.

Contact Us