Income Tax : This guide explains the tax exemptions, concessional tax rates, presumptive taxation schemes, and compliance benefits available to...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
Income Tax : The framework clarifies that companies must pay MAT where normal tax liability is lower than 15% of book profit. It establishes MA...
Income Tax : The amendment removes MAT for additional specified non-resident businesses taxed on a presumptive basis. This ensures uniform tax ...
Income Tax : MAT will become a final tax in the old regime at 14%, replacing the earlier credit-based mechanism. The change simplifies complian...
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 : The Calcutta High Court held that Section 115JB was not applicable to Assessment Year 2011-12 as it became effective only from Ass...
Income Tax : The ITAT Mumbai held that the assessee's convertible debentures lacked the liability component required for classification as Comp...
Income Tax : The ITAT Delhi held that the Assessing Officer could not alter book profit under Section 115JB by disallowing losses from alleged ...
Income Tax : The issue was denial of concessional tax regime due to incorrect ITR disclosure and alleged delay in filing Form 10-IC. The Tribun...
Income Tax : The SC upheld that reinsurance premiums paid to foreign entities are not taxable in India. It confirmed that absence of income acc...
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...
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.
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.
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.
CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies.
The year ending 31 March, 2017, witnessed many companies preparing their financial statements as per the Indian Accounting Standards (‘Ind-AS’) for the first time. Ind-AS is a set of accounting standards that converge with the International Financial Reporting Standards (‘IFRS’) and require companies to adopt fair value accounting. The first time adoption of Ind-AS requires […]
Apex Industry body ASSOCHAM has advocated continuation of the exemption from MAT (Minimum Alternative Tax) by the insertion of a suitable substitution of or addition to the Income Tax Act in respect of the restructuring under the insolvency & banking code 2016.
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 the profit and loss account […]
Clarity regarding carry forward and set off of MAT credit in cases where the ten year period has expired on or before AY 2016-17 but the fifteen year period has still not expired needed.
Financials for FY 2016-17 will be prepared as per IND AS and the presentation will be done as per Division II of Schedule III as per Companies Act 013. The computation of book profit under MAT depends on accounting profit. The financial have become complex due to initial impact of IND AS and recurring impact due to adoption of IND AS
Central Government notified the Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards(IFRS) and prescribed the Companies( Indian Accounting Standards) Rules, 2015 which laid down a roadmap for implementation of these Ind AS.
