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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 810 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 1371 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 108522 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 208440 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 132750 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 1314 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 993 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 8790 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 1674 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 2160 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 213 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 729 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 2940 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 2028 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 1959 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 33450 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 124866 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 12291 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 1893 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 3205 Views 0 comment Print

Direct Tax Code Now in 2012

September 11, 2010 1857 Views 0 comment Print

The Cabinet approved Direct Tax Code (DTC) as tabled in Parliament on last day of August 2010 has many surprises and hidden shocks for individuals as well as corporate India. The key objective of DTC is to benefit small taxpayers as a result of rati

Direct tax code: Impact on Indian Companies

September 3, 2010 1865 Views 0 comment Print

Monday’s announcement of the new Direct Taxes Code (DTC) proposals is among the two far-reaching reforms that will help India sustain high growth rates. For the capital markets, the Bill is positive, says Rakesh Arora, associate director, Macquarie Research. “Lower tax liability for companies at about 10 per cent and no changes in capital gains tax for foreign institutional investors (FIIs) are beneficial for the capital markets and ensure greater investor interest.”

MAT will take sheen off SEZs

September 2, 2010 609 Views 0 comment Print

Special Economic Zones are likely to lose their sheen, with Direct Taxes Code Bill proposing to introduce minimum alternate tax at 20 per cent on the book profit of developers as well as units from April 1, 2012.

DTC – MAT rate on book profit will be 20 percent

September 1, 2010 783 Views 0 comment Print

The government on Monday proposed to raise minimum alternate tax (MAT) to 20 per cent on book profits but diluted the earlier proposal to impose it on gross assets that had drawn protests from firms. MAT was introduced in fiscal 1998 to address the inequity. Many companies, despite making book profits as per their profit and loss account, were hardly paying any tax because income computed as per provisions of the Income-Tax Act, was either nil, or insignificant.

SEZs will continue enjoying exemption till 2014 but have to pay 20 Percent MAT

August 31, 2010 349 Views 0 comment Print

The direct taxes code (DTC) approved by the Cabinet gives a reprieve to special economic zones, or SEZs, till 2014 from the proposed regime, but has imposed a 20% minimum alternative tax, which is likely to be opposed by the industry.

DTC: Tax experts not liked the proposed move to hike MAT rate to 20 pc from existing 18 pc

August 31, 2010 327 Views 0 comment Print

The decision to hike Minimum Alternate Tax (MAT) rate to 20% from 18% now is being seen as a retrograde step by tax experts. However, the Direct Tax Code (DTC) as a whole, which the government plans to introduce in Parliament on Monday, is being seen as a step towards taking the Indian direct taxation system to global standards, tax practitioners and top company officials said.

New Direct tax Code will be Applicable from April 1, 2012 instead of April 1, 2011 , Download DTC Bill 2010

August 30, 2010 1187 Views 0 comment Print

Direct Tax Code (DTC) Bill introduced in Lok Sabha on Monday, August 30,2010 by Finance Minister Mr. Pranab Mukherjee, Will now be applicable from April 1, 2012 instead of earlier proposed date April 1,2011. This bill comparatively offers lower benefits as compared to the original bill. Download DTC Bill 2010 Highlights of DTC are as […]

MAT U/s. 115JB of Income Tax not applicable to foreign company without presence in India

July 30, 2010 285 Views 0 comment Print

The assessee, a foreign company, without a presence or PE in India, earned long-term capital gains which were exempt u/s 10(38). The assessee applied for a ruling on whether it was liable to pay Minimum Alternate Tax (MAT) u/s 115JB on the said gains. HELD ruling in favour of the assessee:

Minimum Alternate Tax provisions for A.Y. 2010-11 & A.Y. 2011-12

July 15, 2010 31153 Views 0 comment Print

In the case of companies, if tax payable on its total income as computed under the I.T. Act, 1961 in respect of any previous years, is less than 15% (for assessment year 2010-11 and 18% from assessment year 2011-12) of its “book profit”, then such book profit shall be deemed to be the total income of the company and tax shall be payable at 15% (for assessment year 2010-11 and 18% from assessment year 2011-12) on such total income.

Comparison of Revised Discussion Paper on Direct Taxes Code with Proposals in Direct Taxes Code

June 29, 2010 522 Views 0 comment Print

Revised Discussion Paper on the Direct Taxes Code: The draft Direct Taxes Code (DTC) along with a Discussion Paper was released in August 2009 for public comments. Based on the Feedback, the Revised Discussion Paper has now been released for public comments, before Finalizing the Bill for introduction in Parliament.

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June 2024