importance Of Notes On Accounts in the Context Of Computation Of Income For MatSection 115JB of the Income-tax Act, 1961 provides for levy of Minimum Alternate Tax (MAT) in case of what are popularly referred to as Zero tax companies. Uptill the assessment year 2006-07, levy of MAT was governed by section 115JA of the Act. From the next year, section 115JA has been replaced by section 115JB. Briefly, section 115JB delivers for levy of tax on the following basis. 2. If tax licapacity of a business (Indian or foreign) below the standard provisions is lower than 10 per cent surcharge education cess of book profit, then the provisions of section 115JB are attracted. In such a circumstance, book profit shall be deemed as total income and 10 per cent of such book profIt is deemed as tax
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