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 : Detailed overview of corporate tax rates, surcharges, and MAT for AY 2021-22 to AY 2025-26, applicable for various domestic and ma...
Income Tax : Summary of key income tax benefits and residency rules for non-residents (NRs) in India for AY 2026-27. Covers the scope of taxati...
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 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 : The High Court held that reinsurance premiums paid to non-residents are not taxable in India and no TDS is required. It upheld Tri...
Income Tax : ITAT ruled that once the Assessing Officer makes no addition on the issue forming the basis of reopening, other additions cannot s...
Income Tax : The Tribunal ruled that reopening based merely on audit objection without independent application of mind is unsustainable. An aud...
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...
The ITAT upheld the deletion of a ₹305.49 crore penalty imposed on a bank, ruling that section 115JB (MAT) does not apply to banks under the Banking Regulation Act. The decision emphasizes that penalties linked to inapplicable provisions cannot be sustained.
The Tribunal held that MAT relief under section 115JB cannot continue once a company’s net worth becomes positive, as the scheme required only consideration—not automatic grant—of exemption.
The Tribunal held that section 115JB is not applicable to banks constituted as ‘corresponding new banks’ under the Banking Companies Act. As a result, the penalty under section 271(1)(c) for disallowance of bad debts became unsustainable. The ruling clarifies that MAT provisions cannot be applied where the statutory scope excludes the assessee.
Summary of key income tax benefits and residency rules for non-residents (NRs) in India for AY 2026-27. Covers the scope of taxation on India-sourced income, residency tests (Section 6, 6(1A)), special presumptive tax schemes, and exemptions for Foreign Diplomats, FIIs, and IFSC units.
The Income Tax Appellate Tribunal (ITAT) Mumbai dismissed the revenue’s appeal against Garware Hi-Tech Films, upholding the assessee’s right to a higher MAT credit set-off.
ITAT Ahmedabad held that issue of applicability of section 115JB to National Dairy Development Board is debatable and not a mistake apparent from record hence rectification order passed is beyond the scope of section 154 of the Income Tax Act.
Concept of Minimum Alternate Tax (MAT) was formally introduced in Section 115JA of the Income Tax Act. It evolved over time, becoming more refined and structured.
Understand Form 29B and 29C under Sections 115JB & 115JC for MAT and AMT audits. Know applicability, filing, and compliance requirements for companies and firms.
Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disclosure.
ITAT Mumbai allows United Spirits Limited to claim MAT credit under the VSV Scheme for the year in question, setting a precedent for similar cases.
