Income Tax : The case clarifies that only specified adjustments can be made while computing book profit under MAT. The ruling limits arbitrary ...
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 : Explains mandatory filing of Form 66 for companies liable to MAT and the requirement of CA certification. Highlights consequences ...
Income Tax : Explains how taxpayers can recompute book profits and reduce MAT liability using Form 53 for APA and secondary adjustments....
Income Tax : The amendment removes MAT for additional specified non-resident businesses taxed on a presumptive basis. This ensures uniform tax ...
Corporate Law : The Budget exempts non-residents paying tax on a presumptive basis from MAT while offering targeted income tax holidays. These mea...
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 : Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for ...
Income Tax : Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provision...
Income Tax : The Tribunal set aside additions to book profit after ruling that MAT provisions do not apply to banks established under a special...
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 : The Court held that Explanation 1(f) to Section 115JB does not expressly permit addition of Section 14A disallowance, leading to d...
Income Tax : The Tribunal held that revision under section 263 was invalid where the MAT adjustment arose mechanically from a transition amount...
Company Law : ROC Kanpur's order dated 10/10/2025 imposes a ₹175,450 penalty on Haiderpur Fertilizer Producer Company and its five directors f...
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...
As per sec.115JB (2A), the tax credit shall be the difference of tax paid for any AY under 115JB(1) and the amount of tax payable on his total income computed in accordance with the other provisions of this Act.
Under the existing provisions contained in sub-section (1) of the 11 5JB in case of a company, if the tax payable on the total income as computed under the Income-tax Act, is less than eighteen and one-half per cent of its book profit, such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee for the relevant previous year shall be eighteen and one-half
Of late, we have been witnessing a new and different trend in relation to the real estate development. Earlier, a builder would go for outright purchase of a piece of land from the landlord and develop the same at his own cost and risk. The scenario in this regard is undergoing a change. Now the landlord also desires to have a share in the profit of the project being undertaken by the builder and developer.
CIRCULAR NO. 25/2015 Penalty u/s 271(1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s 115JB/115JC, for cases prior to A.Y. 2016-17-reg.- Section 115JB of the Act is a special provision for levy of Minimum Alternate Tax on Companies, inserted by Finance Act 2000 with effect from 1-4-2001.
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;
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;
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
1. There were (are?) companies which used to report huge profits and distributing huge dividends and at the same time paying very small tax liability using the provisions of the Act. 2. To curb the above practices, MAT on book profit was introduced which was chargeable on reported profits with effect from 1-4-1988 with section 115J. MAT – Minimum Alternate Tax, as the words suggests, is the minimum contribution that an assessee should make by way of taxes.
1. Applicability All assesses except companies are liable to pay AMT if the tax payable under the normal provisions of income tax is lesser than AMT. In simple words, Tax payable under income tax < AMT However AMT is not payable by:- Individual HUF AOP/BOI Artificial Juridical person If the ADJUSTED TOTAL INCOME* OF SUCH […]
Answer is yes, we do have. After introduction of Alternate Minimum Tax (hereinafter referred as the ‘AMT’) by Finance Act 2012 on ‘Limited Liabilities Partnership’ (hereinafter referred as the ‘LLP’) also many professional/corporate/promoters has dispensed with an idea for formation of LLP, as after amendment no tangible benefit could be visualize, other than some cost […]
