New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Recently norms related to Minimum Alternative Tax (MAT)

    has been relaxed for companies facing insolvency process. The provision of MAT is in:
    A Companies Act 2013 Correct Answer Incorrect Answer
    B Income Tax Act, 1961 Correct Answer Incorrect Answer
    C Wealth Tax Act, 1957 Correct Answer Incorrect Answer
    D Reserve Bank of India Act, 1934 Correct Answer Incorrect Answer
    E SARFAESI act 2002 Correct Answer Incorrect Answer

    Solution

    MAT is under section 115J of the Income Tax Act 1961.These companies have to pay a minimum 18.5% of book profit.

    Practice Next