mat

Relief from MAT liability to companies under corporate insolvency

Income Tax - It is proposed to amend section 115JB to provide that the aggregate amount of unabsorbed depreciation and loss brought forward (excluding unabsorbed depreciation) shall be allowed to be reduced from the book profit, if a company’s application for corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 has ...

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MAThematical puzzles!

Income Tax - Minimum Alternate Tax, though on the statute since practically 3 decades now, has always been a subject matter of controversy. Even after all the amendments to it over the years, most recently to align it with the Ind-AS provisions, there is still room for filling in certain gaps. This article seeks to raise certain concerns, which, hopef...

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Minimum Alternate Tax and Alternate Minimum Tax

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. ...

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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...

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Ind AS and corresponding impact of MAT computations – tracking the evolution

Income Tax - Sandeep Dasgupta & Risha Gandhi IFRS adoption in India: With globalization of businesses and imminently increasing need for transparent, comparable financial information across markets, the International Accounting Standards Board (IASB) embarked on developing, a single set of high quality, understandable and enforceable global accoun...

Read More

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....

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Clarify on MAT u/s 115JB: ICAI

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....

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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...

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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....

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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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Surcharge and cess is to be calculated after deducting MAT credit u/s 115JAA from tax on assessed income

Asst. Commissioner of Income-tax Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad) - ACIT Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad) This appeal is filed by the Revenue against the order of CIT(A) – 5, Hyderabad dated 30/01/2016 relates to the AY 2012-13 wherein the revenue has raised the following grounds of appeal: “1. The ld. CIT(A) erred in holding that the surcharg...

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Treatment of bad debts for computation of book profit u/s 115JA/JB

CIT Vs Vodafone Essar Gujarat Ltd (Gujarat High Court) - Brief facts leading to the reference are as under. The respondent assessee is a company registered under the Companies Act. For the assessment year 2003­2004, the assessee had filed return of income declaring nil income. The Assessing Officer framed the order of assessment on 27.03.2006...

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Retention money cannot be treated as Income till performance of contractual obligations

D.C.I.T. VS. M/s. McNally Bharat Engineering Co.Ltd.(ITAT Kolkata) - Retention money is not in the nature of income till such time the contractual obligations are fully performed to the satisfaction of the customer by the Assessee. Therefore the retention money cannot be regarded as income even for the purpose of book profits u/s.115JB of the Act though credited in t...

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MAT provisions in s. 115JB do not apply to foreign companies

The Bank of Tokyo-Mitsubishi UFJ Ltd Vs ADIT (ITAT Delhi) - The MAT provisions were introduced in statute by the Finance Bill, 1996 and the Finance Minister while introducing this provision observed that the company engaged in the power and infrastructure sector will remain exempt from the levy of MAT....

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S.115JB Provision for doubtful debt to be added to Book Profit for MAT Calculation

Eastern India Powertech Ltd. Vs. Addl. CIT, Range 10 (ITAT Delhi) - In the books of account, assessee had made provision for doubtful debts for this amount. The matter is sub-judice before court or arbitration. This shows that the amount was not ascertained. It remained contingent at the relevant time. Moreover, it had been gone against assessee due to amendment in...

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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...

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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....

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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....

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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...

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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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Recent Posts in "mat"

Relief from MAT liability to companies under corporate insolvency

It is proposed to amend section 115JB to provide that the aggregate amount of unabsorbed depreciation and loss brought forward (excluding unabsorbed depreciation) shall be allowed to be reduced from the book profit, if a company’s application for corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 has ...

Read More
Posted Under: Income Tax |

MAThematical puzzles!

Minimum Alternate Tax, though on the statute since practically 3 decades now, has always been a subject matter of controversy. Even after all the amendments to it over the years, most recently to align it with the Ind-AS provisions, there is still room for filling in certain gaps. This article seeks to raise certain concerns, which, hopef...

Read More
Posted Under: Income Tax |

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

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....

Read More
Posted Under: Income Tax |

Clarify on MAT u/s 115JB: ICAI

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....

Read More
Posted Under: Income Tax |

CBDT relaxes MAT provisions for companies facing Insolvency

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...

Read More
Posted Under: Income Tax |

Surcharge and cess is to be calculated after deducting MAT credit u/s 115JAA from tax on assessed income

Asst. Commissioner of Income-tax Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad)

ACIT Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad) This appeal is filed by the Revenue against the order of CIT(A) – 5, Hyderabad dated 30/01/2016 relates to the AY 2012-13 wherein the revenue has raised the following grounds of appeal: “1. The ld. CIT(A) erred in holding that the surcharge and education cess is to be […]...

Read More

Minimum Alternate Tax and Alternate Minimum 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. ...

Read More
Posted Under: Income Tax |

Benefit to Non- Residents under Income Tax Act,1961

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...

Read More
Posted Under: Income Tax | ,

Ind AS and corresponding impact of MAT computations – tracking the evolution

Sandeep Dasgupta & Risha Gandhi IFRS adoption in India: With globalization of businesses and imminently increasing need for transparent, comparable financial information across markets, the International Accounting Standards Board (IASB) embarked on developing, a single set of high quality, understandable and enforceable global accoun...

Read More
Posted Under: Income Tax |

Treatment of bad debts for computation of book profit u/s 115JA/JB

CIT Vs Vodafone Essar Gujarat Ltd (Gujarat High Court)

Brief facts leading to the reference are as under. The respondent assessee is a company registered under the Companies Act. For the assessment year 2003­2004, the assessee had filed return of income declaring nil income. The Assessing Officer framed the order of assessment on 27.03.2006...

Read More
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