mat

The Ministry of Corporate Affairs has vide notification1 dated 31 March 2009 relaxed the provisions of Accounting Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates2 in so far as they relate to the recognition of losses or gains arising on restatement of long-term foreign currency monetary items. By another notification3 consequential amendments to [...] Full Article

22. Clarification regarding add back of ‘deferred tax’, ‘dividend distribution tax’, etc. for calculating book profit under section 115JB 22.1 Section 115JB of the Income-tax Act provides for levy of minimum alternate tax (MAT) on the basis of book profits of a company. As per the Explanation after sub-section (2), the expression “book profit” means [...] Full Article

CESTAT, SOUTH ZONAL BENCH CHENNAI BE. GELB Consultancy Services v. CCE ,  Appeal No. S/93/2006/MAS,  Dated:January 2, 2009 SUMMARY A transaction in intellectual property (IP) along with the right to manufacture the licensed product is totally different from the technical assistance rendered by an engineer or a firm of engineers; when IP services are brought [...] Full Article

ITAT, DELHI BENCH `H’, NEW DELHI HLS Asia Ltd. v. DCIT, Appeal No. ITA NO. 1964/DEL/2006 Dated: DECEMBER 24, 2008 The Legislature has nowhere stated that for the purpose of Explanation 2, the value of the machinery should be taken at market value and not the value as recorded in the books of account; since, [...] Full Article

Gujarat State Petroleum Corpn. Ltd. v. JCIT The deduction claimed by the assessee under section 42 cannot be considered for the purpose of computing the deemed income under section 115JA Full Article

Commissioner of Income-tax, Delhi IV v. Insilco Ltd. - Section 32 of the Income-tax Act, 1961 - Depreciation - Allowance/rate of - Assessment year 1999-2000 - Whether in view of decision of Delhi High Court in CIT v. Woodward, Governor India (P.) Ltd. [2007] 162 Taxman 60, Tribunal was correct in allowing depreciation to assessee on increase in cost of plant and machinery due to increased liability on account of foreign exchange rate fluctuation on last date of accountin.. Full Article

The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Section 115JB levies minimum alternate tax (MAT) at 10% of book profits (plus surcharge and cess thereon) if such tax is higher than the tax payable under the normal provisions of the Act. Book profits, for this purpose, needs to be calculated by making certain specified adjustments to the net profit as shown in the p.. Full Article

Form No. 16A (received from all the payers who have deducted tax): You will first have to get this form collected from the parties who have deducted tax while making payment to you during the year. This includes banks and companies (with whom you have kept fixed deposits), parties to whom you have given loan, tenant to whom you have rented your property Full Article