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of <h1>Companies pay MAT on book profit under Section 115JB; non-corporates pay AMT with carryforward credit rules</h1> Companies whose tax computed under regular provisions is less than the prescribed minimum alternate tax (MAT) will have book profit deemed as total income and pay MAT (9% for IFSC units in foreign exchange; 15% otherwise); 'book profit' is defined by specified additions and deductions to profit per the profit and loss statement with special adjustments (including reserves, provisions, depreciation, deferred tax, losses, IAS/Ind AS transition items and specific cases like transfers to business trusts, insolvency, sick companies). Non-corporate persons with adjusted total income below alternate minimum tax (AMT) thresholds must pay AMT (rates vary by case) and may carry forward excess tax paid as credit subject to conditions, exclusions and fifteen-year carryforward limits.
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