Income Tax : Redundancy of Minimum Alternate Tax (MAT) in India's evolving tax landscape, focusing on its history, challenges & potential simpl...
Income Tax : Unveiling the intricacies of Minimum Alternate Tax (MAT) in India. Understand its purpose, computation, and recent developments. N...
Income Tax : MAT credit should be accounted in books as it satisfies definition of Asset as per Framework for preparation and presentation of F...
Income Tax : MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for com...
Company Law : MAT or minimum alternative tax refers to a tax paid to by a company in advance. We should note that companies must pay tax accordi...
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 : Apex Industry body ASSOCHAM has advocated continuation of the exemption from MAT (Minimum Alternative Tax) by the insertion of a s...
Income Tax : The Supreme Court examined tax issues in Apollo Tyres Ltd. vs. CIT, including the role of assessing officers under Section 115-J a...
Income Tax : ITAT Chennai held that as capital profit are to be excluded while computing book profit u/s 115JB, similarly, the adjustment of lo...
Income Tax : ITAT Delhi held that penalty u/s 271(1)(c) of the Income Tax Act alleging inaccurate particulars not leviable as assessee was subj...
Income Tax : ITAT held that if advances received by the assessee from customers on which TDS Credits has been claimed, has been offered as inco...
Income Tax : PCIT-4 Vs Krishi Rasayan Exports Pvt. Ltd (Calcutta High Court) Whether the interest subsidy and excise refund would be treated as...
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 : References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going into t...
HIGHLIGHTS OF THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 The President has promulgated an Ordinance dated 20 September, 2019 to amend the Income-tax Act, 1961 and the Finance (No.2) Act, 2019. The Ordinance promulgated is THE TAXATION LAWS (AMENDMENT) ORDINANCE, 2019, hereafter referred to as “the Ordinance”. The Ordinance shall come into force at once unless […]
Analysis of tax implication on ‘The Taxation Laws (Amendment) Ordinance, 2019 dated 20th September, 2019 The CBDT has introduced new section , Sec. 115BAA – Tax on income of certain domestic companies where at the option of the assessee, may compute tax @ 22% plus surcharge and cess (effective tax rate comes to 25.17%) from the […]
DIRECT TAX HIGHLIGHTS Benefits have been announced by Finance Minister in order to boost the economy. A gist on them has been provided below for your ease of reference: For Existing Domestic Companies Reduce the Corporate tax rate for Domestic Companies from 30% to 22% (excluding surcharge & cess) subject to the condition that they […]
The, TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 (hereinafter ‘Ordinance’), is an ordinance to further amend the Income-tax Act, 1961 and the Finance (No.2) Act, 2019. Since the parliament is not in session and the President of India is satisfied that circumstances exist which render it necessary for him to take immediate action, this Ordinance has come into force with effect from 20th September 2019.
Government has brought in the Taxation Laws (Amendment) Ordinance 2019 and announces major relief in corporate tax for domestic companies, in order to boost the Make in India initiative. Corporate tax reduced to 22% (Effective Tax Rate 25.17% inclusive of Surcharge and Cess) for domestic firms while for new manufacturing companies, tax rate has been […]
‘Acche din’ back for Indian Economy after recent Recent Reliefs in Income Tax and GST? In yet another surgical strike on bears and negative sentiments of the economy, the FM has tried to create an environment of surplus in the hands of corporates for making investments and ease their liquidity concerns. The Taxation laws (Amendment) […]
Analysis on reduction of Corporate Tax vide Taxation Laws (Amendment) Ordinance, 2019 1. The Government of India announced reduction in corporate tax rates for domestic companies in India with effect from F.Y. 2019-20. 2. A new section 115BAA has been inserted to reduce tax rate of 22% (excluding surcharge and education cess) for domestic companies. […]
The Government passed Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. Below are a few impact areas that the companies and investors will need to revaluate:
The Minimum Alternative Tax (MAT) is a provision introduced in direct tax laws to limit the tax deductions/exemptions otherwise available to taxpayers so that they pay a ‘minimum’ amount of tax to the government.
Taxation Laws (Amendment) Ordinance 2019 – Income Tax Amendment – 2019 September You have to go through tough situations to get better. As a bold step to revive the current Indian economy, the Finance Minister announced various amendments in the form of reduced tax rate and incentives in the Income tax act. These changes have […]
