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Calculate Minimum Alternate Tax (MAT) in TRCS

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edited Jul 18, 2020 7:37AM in Tax Reporting 3 comments

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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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