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IT industry seeks MAT reduction to 5% in Union Budget

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The IT and IT-enabled services industry here has sought the reduction in minimum alternate tax (MAT) to 5 per cent. (Reuters) The IT and IT-enabled services industry here has sought the reduction in minimum alternate tax (MAT) to 5 per cent. (Reuters)
SummaryUnder the present IT laws, business losses can be forwarded only for a minimum of 10 years.

the benefits offered in the SEZ Act 2005, provided a wide range of incentives to investors in SEZs including exemption from MAT and 100 per cent income

tax exemption on export income.

According to a recent survey by research firm Ipsos, companies attributed exemption from tax as the key reason for investment in SEZs, which stood nullified with the imposition of the MAT.

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