Companies Must Pay Minimum Tax on Book Profit Under Income-tax Act's MAT Provision, Regardless of Deductions or Exemptions.
Minimum Alternative Tax (MAT) is a provision under the Income-tax Act mandating companies to pay a minimum tax based on their book profit. Book profit is calculated by adjusting the company's profit statement with specific additions and deletions. This ensures that companies contribute a baseline tax amount regardless of other deductions or exemptions they might claim.
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