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of <h1>Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT) basics, rates, book profit rules, credit and carryforward (Sections 115JB/115JC)</h1> Where a company's tax computed under the Act is less than tax computed on its book profit, the book profit is treated as total income and the company pays minimum alternate tax (MAT) - 9% for IFSC units in convertible forex and 15% for other companies. 'Book profit' is defined by the profit and loss statement with specified additions, reductions and special adjustments (including reserves, provisions, depreciation, deferred tax, certain A-OP/B0I shares, business trust transfers and Indian Accounting Standards adjustments). Credit for MAT paid is allowed against regular tax and carried forward up to 15 years; no interest on refunds of recomputed MAT. Parallel alternate minimum tax (AMT) applies to non-company taxpayers with adjusted total income, at prescribed rates, with similar carryforward, exclusions and certification requirements.
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