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Expectations from Budget 2019 for corporate restructuring

Income Tax - While the Interim Budget did not have an expanded section for tax proposals, there are increasing expectations from this full Budget. As the industry eagerly awaits Union Budget 2019, we list down expectations, which are imperative from business restructuring perspective:...

Benefit to Non- Residents under Income Tax Act, 1961

Income Tax - Articles explain who is Non-Resident Individual, Partnership firm, Company for Income Tax Purpose, Taxable Income of Non Residents, Tax on Indirect transfer of a capital asset situated in India by Non-Residents, activities not to constitute business connection in India, Exemption from applicability of Section 206AA to non-residents...

Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT)

Income Tax - MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. In this part you can gain knowledge about various provisions relating to MAT and AMT. First of all we will underst...

Guide to Minimum Alternate Tax (MAT) for Ind AS Compliant Companies

Income Tax - Author has examined the amended provisions of MAT under 115JB of Income Tax Act, 1961, as applicable to Companies following Ind AS for preparation of their Financial Statements. Illustrations have been given for a better clarity on practical application the provisions....

Minimum Alternative Tax (MAT)- Meaning, Applicability & Brief Provisions

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Clarify 6 Issues in computation of book profit U/s. 115JB: ICAI to Govt

Income Tax - The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on various issues. These issues need to be clarified to reduce litigation before the appellate authorities, which is one of the aims of the Government....

Clarify on MAT u/s 115JB: ICAI

CBDT relaxes MAT provisions for companies facing Insolvency

Income Tax - Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy Code, 2016 The existing provisions of section 115JB of the Income-tax Act, 1961 (‘the Act’), inter alia, provide...

Relevant part of recommendations of MAT-Ind AS Committee’s Report

Income Tax - Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provisions of the section 115JB of the Income-tax Act, 1961 in respect of Ind AS Compliant Companies....

GST-a real major incentive for making investments in SEZs

Income Tax - Though imposition of Minimum Alternative Tax (MAT) in 2011 slowed down growth of special economic zones (SEZs), but implementation of Goods and Service Tax (GST) provides wonderful opportunity for making investments in Indian SEZs, a top Commerce Ministry official said at an ASSOCHAM event held in New Delhi today....

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MAT on depreciation on write back of excess depreciation provided in earlier 10 years & credited to P&L A/c of current year

ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) - ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) MAT on depreciation on write back of excess depreciation provided in earlier 10 years and credited to profit and loss account of current year. The appellant has contested the action of the Assessing Officer on the ground that the appellant h...

Section 115JB pre amendment by Finance Act, 2012 not applicable to banking, insurance & electricity cos

CIT Vs Union Bank of India (Bombay High Court) - CIT Vs Union Bank of India (Bombay High Court) To align the Income Tax Act with the Companies Act, 1956 it was decided to amend Section 115JB to provide that the companies which are not required under Section 211 of the Companies Act, to prepare profit and loss account in accordance with Schedule ...

Section 115JB not applies to assessee governed by Special Acts & Rules

ITO Vs M/s. Atria Hydel Power Ltd. (ITAT Bengalore) - Provisions of section 115JB would not be applied to assessee-company where assessee was governed by different Acts and Rules, and was not required to prepare its profit & loss account and balance sheet as per Part II & III of Schedule VI to the Companies Act....

Company cannot modify P&L adopted in AGM overlooking Auditor qualification

Gati Limited Vs ACIT (ITAT Hyderabad) - Once the financial statements were ratified by the shareholders, assessee had no right to modify the profit declared as per Companies Act and adopt differently for the purpose of MAT provisions. Therefore, the profit adopted by the company in the AGM overlooking the qualification of auditor was the ...

MAT not payable on share income of member of AOP

ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur) - ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur) Clause (iic) inserted in Explanation 1 to section 115JB by the Finance Act, 2015 is remedial and curative in nature as it was brought in the statute to provide similar benefit to the member of the AOP which was earlier applicable to the partner of...

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CBDT notifies revised Form no. 29B for MAT audit with Annexures

Notification No. 80/2017-Income Tax [G.S.R. 1028(E)] - (18/08/2017) - Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting S...

FAQs on computation of book profit to levy MAT for Ind AS companies

Circular Number 24/2017-Income Tax - (25/07/2017) - Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies....

Issues on implementation of MAT provisions for Ind AS companies

NA - (25/07/2017) - CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies....

Reg. Penalty in cases where despite addition tax payable under MAT Provisions is higher than under Normal Provisions

Circular No. 25/2015 - Income Tax - (31/12/2015) - CIRCULAR NO. 25/2015 Penalty u/s 271(1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s 115JB/115JC, for cases prior to A.Y. 2016-17-reg.- Section 115JB of the Act is a special provision for levy of Minimum Alternate...

MAT on foreign companies for the period prior to 1.04.2015-reg

Instruction No. 18/2015 - (23/12/2015) - Instruction No. 18/2015 With effect from 01.04.2001, the provisions of section 115JB shall not be applicable to a foreign company (including an FII/FPI) if:- (i) the foreign company is a resident of a country with which India has a Double Taxation Avoidance Agreement and such foreign company does no...

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