Calculate Minimum Alternate Tax (MAT) in TRCS
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Hi,
Anyone has tried a Minimum Alternate Tax (MAT) calculation in TRCS?
If a legal entity has a loss in the current year then in this case MAT is applicable for the legal entity and MAT amount is the current provision.
Below is the sample working
|
MAT Tax Rate % |
TB Amount |
MAT Amount |
Operating Revenue |
0.25% |
10000 |
25 |
Non-operating Revenue |
0.50% |
1000 |
5 |
Interest Income |
0.25% |
100 |
0.25 |
Transfer Charges |
0.25% |
50 |
0.125 |
Current Provision as per MAT |
|
|
30.375 |
So, in this case where to add these MAT accounts in Current Provision hierarchy so that it will be considered in all web forms and current provision calculation in TRCS?
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