The income tax department has notified tax return forms for non-salaried class, including companies, partners
in firms and individuals deriving their income from proprietary business or profession.
Generally, taxable income of a company is calculated by taking its gross sales, less permissible deductions
for its various ordinary and necessary business expenses. The character and form of income and deductions
varies from industry to industry and from company to company, but in general taxable income is determined
with comparable methods and reported via similar requirements regardless of the entity.
Law makers observed that there is many companies which are disclosing massive profit in the accounts as
laid in the Annual General Meeting (AGM) before the shareholder but at the same time these companies also
showing profit nil or bit above nil for the income tax purpose. Variance between profits as per the Companies
Act and as per Income Tax Act was due to many dissimilar allowance of disallowance in the both Acts e.g.
difference in method and rate of depreciation provided in both Acts.
To put an end on this trend and bring these kind of companies under the tax net, law maker framed concept of MAT,
according to this concept corporate entity has to pay minimum tax. The concept of MAT is govern by the provisions
contains in section 115JB of Income Tax Act, 1961.
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