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of <h1>Minimum Alternate Tax (MAT) under Section 115JB ensures companies pay minimum tax despite tax concessions and incentives.</h1> Minimum Alternate Tax (MAT) was introduced to address the issue of companies reporting substantial profits in their financial statements while declaring minimal or no taxable income. This discrepancy arises due to differences in allowances and disallowances under the Companies Act and the Income Tax Act, such as varying depreciation methods. MAT ensures that companies, often referred to as 'zero tax companies,' which benefit from tax concessions and incentives yet pay no taxes, are brought into the tax net. Governed by Section 115JB of the Income Tax Act, 1961, MAT mandates that corporate entities pay a minimum tax.
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