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of <h1>Minimum Alternate Tax (MAT) applies to companies, excluding infrastructure and power, u/s 115JB. Exemptions included.</h1> The circular outlines the implementation of Minimum Alternate Tax (MAT) on companies as introduced by the Finance Bill of 1996 and further modified by the Finance Act of 2000. MAT applies to companies excluding those in infrastructure and power sectors, requiring them to pay tax on 30% of their book profits if their computed income is less. Exemptions include income from Free Trade Zones, Export-Oriented Units, and certain charitable activities. The circular also emphasizes the requirement for companies to pay advance tax under section 115JB, with applicable interest on defaults, and highlights the procedural aspects under the Income-tax Act.
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