Minimum alternate tax on book profits is reduced for financial centre company units earning solely in convertible foreign exchange. Minimum alternate tax (MAT) on book profit is computed at 9% for a company that is a unit located in an International Financial Services Centre (IFSC) and ... Summary
Minimum alternate tax on book profits is reduced for financial centre company units earning solely in convertible foreign exchange.
Minimum alternate tax (MAT) on book profit is computed at 9% for a company that is a unit located in an International Financial Services Centre (IFSC) and derives its income solely in convertible foreign exchange. For any other company, the stated rate is 14%. The cited provisions are section 206(1)(b)(i) and section 115JB(7).
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