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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 206673 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 131271 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 1971 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 1878 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

Analysis of relief provided in Forex accounting norm for companies

May 6, 2009 1051 Views 0 comment Print

The Ministry of Corporate Affairs has vide notification1 dated 31 March 2009 relaxed the provisions of Accounting Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates2 in so far as they relate to the recognition of losses or gains arising on restatement of long-term foreign currency monetary items. By another notification3 consequential amendments to […]

For Calculation of Book Profit u/s. 115JB profit need to be increased by deferred tax and the provision thereof, if debited to profit and loss account

April 4, 2009 21931 Views 0 comment Print

With a view to clarifying the intention, a new clause has been inserted after clause (g) of the Explanation 1, as so numbered, so as to provide that the book profit shall be increased by the amount of deferred tax and the provision thereof, if debited to profit and loss account. 22.3 Further, it has also been clarified that the amount of income tax shall include,-

Compensation Received In Exchange For Technical Know-How Is Not Exigible Under Engineering Consultancy.

February 14, 2009 400 Views 0 comment Print

A transaction in intellectual property (IP) along with the right to manufacture the licensed product is totally different from the technical assistance rendered by an engineer or a firm of engineers; when IP services are brought under the tax net without altering the scope of “Consulting Engineer Service” the new impost covers an activity hitherto not exigible to service tax under the head Consulting Engineer.

Interpretation of expression "value" used in Explanation 2 to section 80-IB(2) of IT Act

January 16, 2009 619 Views 0 comment Print

20. We have heard both the parties and have carefully gone through the orders of the authorities below. Explanation 2 below sub section (2) of section 80IB provides that where in the case of an industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value of the machinery or plant or part so transferred does not exceed 20 per cent of the total value of the machinery or plant used in the business, then for the purpose of clause (ii) of sub-section 2 of section 80IB,

Allowability of Deduction U/s. 42 of Income Tax Act for Determining Book Profit u/s. 115JA

December 8, 2008 8112 Views 0 comment Print

Gujarat State Petroleum Corpn. Ltd. v. JCIT The deduction claimed by the assessee under section 42 cannot be considered for the purpose of computing the deemed income under section 115JA

Claim of depreciation as per I.T. Rules, for computation of book profit/ MAT Calculation U/s. 115JB

June 19, 2008 3576 Views 0 comment Print

Under the provisions of section 115JB of the Income-Tax Act, 1961 (the Act), where in the case of a company, the income-tax payable on the total income in respect of any assessment year (AY), is less than ten percent of its book profit, such book profit shall be deemed to be the total income of the assessee and tax payable by the assessee on such total income shall be the amount of income-tax at the rate of ten percent.

Mat on increase in Depreciation due to increase in cost of Assets purchase in foreign currency

December 24, 2007 343 Views 0 comment Print

Commissioner of Income-tax, Delhi IV v. Insilco Ltd. – Section 32 of the Income-tax Act, 1961 – Depreciation – Allowance/rate of – Assessment year 1999-2000 – Whether in view of decision of Delhi High Court in CIT v. Woodward, Governor India (P.) Ltd. [2007] 162 Taxman 60, Tribunal was correct in allowing depreciation to assessee on increase in cost of plant and machinery due to increased liability on account of foreign exchange rate fluctuation on last date of accounting year – Held, yes

Filing Return of Income under the new ITR Form Series (A simple guide)

July 24, 2007 5203 Views 0 comment Print

Form No. 16A (received from all the payers who have deducted tax): You will first have to get this form collected from the parties who have deducted tax while making payment to you during the year. This includes banks and companies (with whom you have kept fixed deposits), parties to whom you have given loan, tenant to whom you have rented your property

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May 2024