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Decoding MAT: Unraveling Minimum Alternate Tax Landscape in India

Income Tax : Unveiling the intricacies of Minimum Alternate Tax (MAT) in India. Understand its purpose, computation, and recent developments. N...

February 5, 2024 765 Views 0 comment Print

Availability of Unutilised MAT credit of Amalgamating Company to Amalgamated Company

Income Tax : Explore allowance of unutilized MAT credit transfer in company amalgamation. Understand legal provisions, judicial precedents, and...

January 6, 2024 1215 Views 0 comment Print

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...

July 25, 2023 108453 Views 0 comment Print

Corporate Tax Rate Applicable for AY 2021-22, AY 2022-23 & AY 2023-24

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...

June 29, 2023 206643 Views 1 comment Print

MAT Credit Short Notes and Presentation in Financial Statements

Income Tax : MAT credit should be accounted in books as it satisfies definition of Asset as per Framework for preparation and presentation of F...

April 30, 2023 131259 Views 10 comments Print


Latest News


Cabinet approves Taxation Laws (Amendment) Bill, 2019

Income Tax : In order to attract fresh investment in manufacturing and provide boost to 'Make-in India' initiative of the Government, another p...

November 20, 2019 1305 Views 0 comment Print

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 vario...

January 22, 2018 978 Views 0 comment Print

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 vario...

January 20, 2018 8739 Views 1 comment Print

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 ...

January 8, 2018 1671 Views 0 comment Print

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 provision...

July 27, 2017 2157 Views 0 comment Print


Latest Judiciary


ITAT Grants MAT Credit Claim under Vivad se Vishwas Scheme

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...

March 9, 2024 195 Views 0 comment Print

No penalty for Adjustment in book profit due to disallowance of depreciation under MAT provisions

Income Tax : Jubilant Infrastructure Ltd Vs DCIT (ITAT Delhi) The disallowance of depreciation in quantum proceedings in A.Y.2016-17 has also r...

November 4, 2022 702 Views 0 comment Print

MAT Credit eligible on Surcharge, Education Cess & Additional Surcharges

Income Tax : MAT credit u/s. 115JA cannot be denied on Surcharge, education cess and additional surcharge - secondary and higher education cess...

August 16, 2022 2889 Views 0 comment Print

Addition of CSR Expenses to book profit disclosed in audited accounts not justified

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...

August 10, 2022 1968 Views 0 comment Print

Provisions of section 115JB not applicable to banking company

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...

January 18, 2022 1872 Views 0 comment Print


Latest Notifications


CBDT clarification on MAT Credit on exercise of section 115BAA option

Income Tax : Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option ...

October 2, 2019 33342 Views 0 comment Print

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

Income Tax : Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only...

August 18, 2017 124836 Views 5 comments Print

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

Income Tax : Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB...

July 25, 2017 12213 Views 0 comment Print

Issues on implementation of MAT provisions for Ind AS companies

Income Tax : CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounti...

July 25, 2017 1887 Views 0 comment Print

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

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...

December 31, 2015 3181 Views 0 comment Print


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

December 23, 2015 2708 Views 0 comment Print

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

MAT may be made inapplicable to foreign Cos having no PE in India from 1st April, 2001

September 25, 2015 693 Views 0 comment Print

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;

CBDT advises not to Pursue Recovery of Outstanding Demands in MAT cases of FIIS/FPIS

September 2, 2015 372 Views 0 comment Print

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;

Justice A.P. Shah Report on Applicability of MAT on FIIs / FPIs

September 2, 2015 1203 Views 0 comment Print

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

MAT not appliable on FIIs/FPIs for the Period Prior to 01.04.2015

September 2, 2015 4579 Views 7 comments Print

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 […]

FIIs Exempted from paying MAT before April 2015

September 2, 2015 553 Views 0 comment Print

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

Committee to Examine Matter Relating to Levy of MAT on FIIS

May 20, 2015 461 Views 0 comment Print

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

MAT: Retrospective Tax Is Back?

May 15, 2015 2089 Views 0 comment Print

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.

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

May 15, 2015 2015 Views 0 comment Print

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.

CBDT directives on MAT on foreign companies & FIIs

May 11, 2015 1418 Views 0 comment Print

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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