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of <h1>Income Tax Act Section 115JB(1) Adjusts MAT Rate to 15% for Companies with Lower Taxable Income Since April 2020.</h1> Section 115JB(1) of the Income Tax Act mandates that if a company's income tax, calculated under the Act, is less than 15% of its book profits, the book profits are deemed as total income, taxed at 15%. For domestic companies, the tax is the higher of the normal tax rate or 15% of book profits, with surcharges based on profit thresholds. For foreign companies, the tax is the higher of the normal tax rate or 15% of book profits, with different surcharge rates. The MAT rate was amended to 15% effective April 1, 2020, from the previous 18.5%.
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