Income Tax : This guide explains the tax exemptions, concessional tax rates, presumptive taxation schemes, and compliance benefits available to...
Income Tax : The document outlines how MAT and AMT ensure that companies and eligible non-corporate taxpayers pay a minimum level of income tax...
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 : 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 Calcutta High Court held that Section 115JB was not applicable to Assessment Year 2011-12 as it became effective only from Ass...
Income Tax : The ITAT Mumbai held that the assessee's convertible debentures lacked the liability component required for classification as Comp...
Income Tax : The ITAT Delhi held that the Assessing Officer could not alter book profit under Section 115JB by disallowing losses from alleged ...
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 : 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...
Minimum Alternate Tax, though on the statute since practically 3 decades now, has always been a subject matter of controversy. Even after all the amendments to it over the years, most recently to align it with the Ind-AS provisions, there is still room for filling in certain gaps. This article seeks to raise certain concerns, which, hopefully, will be addressed by the Union Budget 2018.
The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on various issues. These issues need to be clarified to reduce litigation before the appellate authorities, which is one of the aims of the Government.
The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on various issues. These issues need to be clarified to reduce litigation before the appellate authorities, which is one of the aims of the Government.
Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy Code, 2016 The existing provisions of section 115JB of the Income-tax Act, 1961 (‘the Act’), inter alia, provide, that, for the purposes […]
ACIT Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad) This appeal is filed by the Revenue against the order of CIT(A) – 5, Hyderabad dated 30/01/2016 relates to the AY 2012-13 wherein the revenue has raised the following grounds of appeal: “1. The ld. CIT(A) erred in holding that the surcharge and education cess is to be […]
Sandeep Dasgupta & Risha Gandhi IFRS adoption in India: With globalization of businesses and imminently increasing need for transparent, comparable financial information across markets, the International Accounting Standards Board (IASB) embarked on developing, a single set of high quality, understandable and enforceable global accounting standards or International Financial Reporting Standards (IFRS) that require transparent and […]
Brief facts leading to the reference are as under. The respondent assessee is a company registered under the Companies Act. For the assessment year 20032004, the assessee had filed return of income declaring nil income. The Assessing Officer framed the order of assessment on 27.03.2006
Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015 for the previous year or any part thereof]
Several companies that were having large profit from business and distributing substantial portion of the income to their shareholders as dividend, were reducing their tax liability by availing various deductions and exemptions available in the Act.
I am sharing MAT Summary of just 4 pages covering almost all the provisions relating to MAT (Minimum Alternate Tax). This Summary is relevant to A.Y. 2017-18 and include amendments made by Finance Act 2016.
