MAT Computation (Report under Form No. 66) under Income-tax Rules, 2026
Concept of Minimum Alternate Tax (MAT) was introduced to ensure that companies with significant book profit, but minimal taxable income still contribute a minimum level of tax.
Under the Income-tax Act, 2025, MAT provisions (corresponding to earlier Section 115JB) continue to apply, requiring companies to compute book profit as per prescribed adjustments to financial statements. To enhance transparency and accuracy, Rule 137 of the Income-tax Rules, 2026 mandates the furnishing of a certified report in Form 66, verifying the correctness of MAT computation.
Every company (domestic or foreign) whose total income as computed under the regular provisions of the Income Tax Act is less than 15% of its book profit (except for IFSC Unit for which rate is 9%), and thus liable to pay Minimum Alternate Tax (MAT) under Section 206, must obtain and furnish Form 66. The form must be certified and digitally signed by a practising Chartered Accountant (CA).
Assessee is liable to furnish Report in Form-66, duly signed by a CA, alongwith the Income Tax Return.
Type of Assessee | Due Date of Return (Section 263(1)) | Due Date of Form No. 66 |
Company (other than those who are required to furnish transfer pricing report u/s 172) | 31st October | 30th September |
Company required to furnish transfer pricing report u/s 172 | 30th November | 31st October |
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