Income Tax : Unveiling the intricacies of Minimum Alternate Tax (MAT) in India. Understand its purpose, computation, and recent developments. N...
Income Tax : Explore allowance of unutilized MAT credit transfer in company amalgamation. Understand legal provisions, judicial precedents, and...
Income Tax : Articles explain who is Non-Resident Individual, Partnership firm, Company for Income Tax Purpose, Taxable Income of Non Residents...
Income Tax : Understand Corporate Tax Rates for AY 2021-22, AY 2022-23, AY 2023-24 & AY 2024-25. Learn about exemptions, conditions, and implic...
Income Tax : MAT credit should be accounted in books as it satisfies definition of Asset as per Framework for preparation and presentation of F...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Income Tax : In order to attract fresh investment in manufacturing and provide boost to 'Make-in India' initiative of the Government, another p...
Income Tax : The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on vario...
Income Tax : The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on vario...
Income Tax : Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for ...
Income Tax : ITAT Mumbai allows United Spirits Limited to claim MAT credit under the VSV Scheme for the year in question, setting a precedent f...
Income Tax : Jubilant Infrastructure Ltd Vs DCIT (ITAT Delhi) The disallowance of depreciation in quantum proceedings in A.Y.2016-17 has also r...
Income Tax : MAT credit u/s. 115JA cannot be denied on Surcharge, education cess and additional surcharge - secondary and higher education cess...
Income Tax : Addition of CSR expenses to book profit under section 115JB was not justified as AO or assessee, none could tinker with book profi...
Income Tax : ITAT hold that the provisions of sec.115JB are not applicable to a banking company i.e. the assessee herein also. Having held that...
Income Tax : Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option ...
Income Tax : Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only...
Income Tax : Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB...
Income Tax : CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounti...
Income Tax : CIRCULAR NO. 25/2015 Penalty u/s 271(1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 196...
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 Tax on Companies, inserted by Finance Act 2000 with effect from 1-4-2001.
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 not have a permanent establishment in accordance with the provisions of the relevant Double Taxation Avoidance Agreement, or
Government Decides to Amend Income-Tax Act 1961 so that with Effect from 1st April, 2001, the Provisions of Section 115JB Shall Not be Applicable to a Foreign Company If the Foreign Company is a Resident of a Country Having DTAA with India and Such Foreign Company Does Not have a Permanent Establishment within the Definition of the Term in the Relevant DTAA;
Instruction No. 9/2015 Following the Acceptance of the Recommendation of the Justice A.P.Shah Committee by the Government, CBDT Advises its Field Authorities to keep in Abeyance, for the Time being, the Pending Assessment Proceedings in Cases of FIIS/FPIS Involving the Applicability of Minimum Alternate Tax (MAT) on FIIS/FPIS for the Period Prior to 01.04.2015;
The MAT provisions were subsequently reintroduced in 1996 by the Finance Act (No. 2) of 1996, through Section 115JA; and then by the Finance Act of 2000, which replaced Section 115JA with Section 115JB. Section 115JB
Government accepts the Recommendation of the Justice A.P. Shah Committee to clarify the Inapplicability of MAT to FIIs/FPIs and has decided that an appropriate Amendment to the Income-Tax Act will be carried out; Final Report of the Justice A.P. Shah Committee on Direct Tax Matters Constituted with the Initial Mandate to Examine the Matter Relating […]
Foreign investors will be exempted from paying minimum alternate Tax (MAT) prior to April 2015 following acceptance of AP Shah Committee’s recommendation by the government. The AP Shah Committee report has suggested that there is no legal basis to impose MAT on FIIs
The Union Finance Minister Shri Arun Jaitley, while responding to the discussions on the Finance Bill in Rajya Sabha on 7th May, 2015, had announced the constitution of a Committee headed by Justice A.P. Shah to look into the issue of Minimum Alternate Tax (MAT) on
Finance Minister Arun Jaitley on 30 April 2015 said that capital gains made by foreign investors will be exempt from Minimum Alternate Tax (MAT), but did not provide relief for past liabilities.
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.
