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Our Bureau

New Delhi, Feb. 28

Corporate India may soon face minimum alternate tax (MAT) blues, with the Finance Minister, Mr P Chidambaram proposing to include long-term capital gains arising out of securities in the calculation of book profits for the purposes of this tax.

Besides enlarging the scope of MAT, the Budget 2006-07 proposes to increase the rate under MAT from 7.5 per cent of the book profits to 10 per cent. Mr Chidambaram said that the "quest for equity" has prompted the revision in tax rate.

Tax experts reckon that this move would result in a relative increase in the number of assesses that would come under MAT besides enhancing the tax pay out for corporates coming under this tax.

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