By Sudipta Bhowmick, KIIT School Of Law, Bhubaneswar.
Introduction: How MAT was stretched out?
The Concept of Minimum Alternate Tax (MAT) was introduced for the first time in the annual year 1988-89 under Section 115J of Income Tax Act,1961 to tax big corporate groups which had become Zero Tax companies. This section provided for levy of MAT on 30% on books profit of companies. (more…)