MAT - Page 10

MAT: Retrospective Tax Is Back?

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. ...

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Posted Under: Income Tax |

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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CBDT directives on MAT on foreign companies & FIIs

FTS No. 96370/2015 11/05/2015

Finance Minister has, while responding to the discussions on the Finance Bill in Rajya Sabha on 7th May, 2015, announced constitution of a Committee headed by Justice A.P. Shah to look into, inter alia, the issue of MAT on FIIs. The Committee is expected to give its report on this issue expeditiously....

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Applicability of MAT on FIIs: A Hot Potato

Bipluv Jhingan and Amitav Singh INTRODUCTION Despite the upbeat promises made by the Hon’ble Finance Minister with regards to taxation of foreign investors, Foreign Institutional Investors (now rechristened as Foreign Portfolio Investors) still seem to be stuck in the Minimum Alternate Tax (MAT) conundrum. The new budget seeks to levy M...

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Posted Under: Income Tax |

MAT / Book Profit- Exclusion of Share of Profit from AOP & Capital Gain of FII

Rationalising the provisions of section 115JB The existing provisions contained in section 115JB of the Act provide that in the case of a company, if the tax payable on the total income as computed under the Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day […]...

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Posted Under: Income Tax |

If Assessee is taxed under ‘MAT’ to ‘MAT’ – No Escapement, No Reopening

The AO is empowered to assess or reassess the total income of the Assessee by reopening the Assessment, invoking the provisions of section 148 of the Act. The authors have visualized in-depth manifestation with respect to the jurisdiction of the AO in reopening the Assessments of the ‘Companies’ where even after the reopening the ulti...

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Posted Under: Income Tax |

MoC urges Finance Minister to restore MAT and DDT exemption to SEZ

As per the original provisions under the Special Economic Zones (SEZs) Act, 2005 and Rules, 2006, exemption from Minimum Alternate Tax (MAT) in the case of SEZ Developers and Units as also the exemption from Dividend Distribution Tax (DDT) for SEZ Developers were granted....

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Posted Under: Income Tax |

FM justifies Minimum Alternate Tax on Special Economic Zones

Minimum Alternate Tax on Special Economic Zones Minimum Alternate Tax (MAT) has been levied on developers of Special Economic Zones (SEZs) and units operating in SEZs with effect from 1st April, 2012 vide Finance Act, 2011. Representations have been received from the business community and others regarding restoration of exemption from pa...

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Posted Under: Income Tax |

Guidance Note on Report under section 115JC of Income-tax Act, 1961

The Finance Act, 2011 for the first time introduced the provisions relating to Alternate Minimum tax for the Limited Liability partnerships. In order to moderate the outgo of profit linked deductions, the Finance Minister in the year 2012, extended the levy of this tax to all non corporate assesses. The onerous responsibility to verify th...

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Posted Under: Income Tax |

Section 115J, 115JA & 115JB may ultra vires Constitution of India & Income-tax Act, 1961

CA Dev Kumar Kothari Section 115J, 115JA and 115JB may be ultra vires the Constitution of India and the Income-tax Act,1961 – a study with reference to some very weakly prepared and contested cases about validity of provision for tax on book profit / minimum alternate tax (MAT) and some suggestions for tax payers and […]...

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Posted Under: Income Tax |

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June 2022