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What is the purpose of Mat Minimum Alternate Tax?
What is the purpose of Mat Minimum Alternate Tax?
- To ensure that companies pay a minimum amount of tax (correct)
- To encourage companies to claim more tax credits
- To reduce the tax burden on small companies
- To exempt companies from paying any tax
Which companies does Mat Minimum Alternate Tax apply to?
Which companies does Mat Minimum Alternate Tax apply to?
- Start-up companies
- Companies with high profits
- Companies claiming deductions under specific sections of the Income Tax Act (correct)
- Companies with foreign shareholders
What happens if a company is subject to Mat Minimum Alternate Tax?
What happens if a company is subject to Mat Minimum Alternate Tax?
- They are exempt from paying any tax
- They pay a reduced amount of tax
- They pay tax based on their actual profits
- They pay a minimum amount of tax (correct)
Under what conditions does Mat Minimum Alternate Tax apply?
Under what conditions does Mat Minimum Alternate Tax apply?
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