section 115JB

Deferred tax Considered under MAT as per 115JB?

Income Tax - The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Section 115JB levies minimum alternate tax (MAT) at 10% of book profits (plus surcharge and cess thereon) if such tax is higher than the tax payable under the normal provisions of the ...

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Minimum Alternate Tax (MAT) for Ind AS 115 complaint companies

Income Tax - 1. The Finance Act, 2017 amended section 115JB of Income-tax Act, 1961 to provide the framework for computation of book profit for Ind AS complaint companies in the year of adoption and thereafter i.e. to rationalize the provisions of the section in line with Ind AS (Note: Ind AS and not Ind ASs) by inserting […]...

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Minimum Alternate Tax & Alternate Minimum Tax- Provisions

Income Tax - Article summarizes the provisions of Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT). The article gives theoretical insights along with examples for sound understanding of the provisions. ...

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Minimum Alternate Tax (MAT) & Alternate Minimum Tax (AMT)

Income Tax - MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. In this part you can gain knowledge about various provisions relating to MAT and AMT. First of all we will underst...

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Income Tax Rates for AY 2020-21 (FY 2019-20)

Income Tax - In this Article we update you about the Income tax slab rates applicable to different types of taxpayers such as Individual, HUF, Partnership Firms, AOP/BOI, Co-operative Society, Local authorities, Domestic as well as Foreign Companies, etc for assessment year 2020-21 i.e. financial year 2019-20. Articles compiles Income Tax Rate Chart f...

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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 various issues. These issues need to be clarified to reduce litigation before the appellate authorities, which is one of the aims of the Government....

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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 various issues. These issues need to be clarified to reduce litigation before the appellate authorities, which is one of the aims of the Government....

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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 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...

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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 provisions of the section 115JB of the Income-tax Act, 1961 in respect of Ind AS Compliant Companies....

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Framework for computation of book profit for MAT levy on Ind AS compliant companies

Income Tax - On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of the Finance Minister , the above said Committee was also requested to suggest the framework for computation of book profit for the purposes of levy of...

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Additional claim can be made before ITAT despite no such claim in Return of Income

Bector Food Specialties Ltd Vs JCIT (ITAT Chandigarh) - The issue under consideration is whether submitting additional claims before tribunal, which is not claim in return of income will be sustain in law?...

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Indexed cost of acquisition can be reduced to compute book profits U/s. 115JB

Best Trading and Agencies Ltd. Vs. DCIT (Karnataka High Court) - The issue under consideration is whether the indexed cost of acquisition can be reduced for the purpose of computing book profits under Section 115JB of the Act?...

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No Section 271(1)(c) Penalty on Income Taxed u/s 115JB Before AY 2016-17

Flemingo Travel Retail Limited Vs DCIT (ITAT Mumbai) - The issue under consideration is whether the penalty notice u/s 271(1)(c) issued to the assessee who has taxed his income as per provision of section 115JB pr 115JC is justified in law?...

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Section 115JB Doesn’t Envisage Enhancement of Taxable Profits by Adding Loss incurred in Redemption of MF

Hespera Realty Pvt. Ltd. Vs DCIT (ITAT Delhi) - Whether upward adjustment to book profit under section 115JB of the Act, by treating the loss on purchase and redemption of mutual funds as expenditure relatable to earning exempt income is justified in law?...

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HC confirms presumption of investments out of interest-free funds

PCIT Vs Shapoorji Pallonji & Co. Ltd. (Bombay High Court) - The issue under consideration is whether the addition made by AO u/s 14A with respect of Interest free funds is justified in law?...

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CBDT clarification on MAT Credit on exercise of section 115BAA option

Circular No. 29/2019-Income Tax - (02/10/2019) - Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option under section 115BAA: (a) Allowability of brought forward loss on account of additional depreciation; and (b) Allowability of brought forward MAT credit....

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CBDT notifies revised Form no. 29B for MAT audit with Annexures

Notification No. 80/2017-Income Tax [G.S.R. 1028(E)] - (18/08/2017) - 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 S...

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FAQs on computation of book profit to levy MAT for Ind AS companies

Circular Number 24/2017-Income Tax - (25/07/2017) - Clarifications with FAQs on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies....

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Issues on implementation of MAT provisions for Ind AS companies

NA - (25/07/2017) - CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies....

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Modification in Circular related to Tax Effect for Appeal Filing

F.No.279/Misc./M-142/2007-ITJ(Pt.) - (14/07/2017) - References are being received by the Board that in certain cases appellate authorities are dismissing appeals without going into the merits of the case by relying on the definition of `tax effect' as defined in Circular No. 21/2015, which prescribes the monetary limit for filing appeals before vario...

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Recent Posts in "section 115JB"

Deferred tax Considered under MAT as per 115JB?

The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Section 115JB levies minimum alternate tax (MAT) at 10% of book profits (plus surcharge and cess thereon) if such tax is higher than the tax payable under the normal provisions of the ...

Read More
Posted Under: Income Tax |

Additional claim can be made before ITAT despite no such claim in Return of Income

Bector Food Specialties Ltd Vs JCIT (ITAT Chandigarh)

The issue under consideration is whether submitting additional claims before tribunal, which is not claim in return of income will be sustain in law?...

Read More

Indexed cost of acquisition can be reduced to compute book profits U/s. 115JB

Best Trading and Agencies Ltd. Vs. DCIT (Karnataka High Court)

The issue under consideration is whether the indexed cost of acquisition can be reduced for the purpose of computing book profits under Section 115JB of the Act?...

Read More

No Section 271(1)(c) Penalty on Income Taxed u/s 115JB Before AY 2016-17

Flemingo Travel Retail Limited Vs DCIT (ITAT Mumbai)

The issue under consideration is whether the penalty notice u/s 271(1)(c) issued to the assessee who has taxed his income as per provision of section 115JB pr 115JC is justified in law?...

Read More

Section 115JB Doesn’t Envisage Enhancement of Taxable Profits by Adding Loss incurred in Redemption of MF

Hespera Realty Pvt. Ltd. Vs DCIT (ITAT Delhi)

Whether upward adjustment to book profit under section 115JB of the Act, by treating the loss on purchase and redemption of mutual funds as expenditure relatable to earning exempt income is justified in law?...

Read More

HC confirms presumption of investments out of interest-free funds

PCIT Vs Shapoorji Pallonji & Co. Ltd. (Bombay High Court)

The issue under consideration is whether the addition made by AO u/s 14A with respect of Interest free funds is justified in law?...

Read More

Minimum Alternate Tax (MAT) for Ind AS 115 complaint companies

1. The Finance Act, 2017 amended section 115JB of Income-tax Act, 1961 to provide the framework for computation of book profit for Ind AS complaint companies in the year of adoption and thereafter i.e. to rationalize the provisions of the section in line with Ind AS (Note: Ind AS and not Ind ASs) by inserting […]...

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Posted Under: Income Tax |

Section 234B & 234C Interest on Book Profit Not Justified

PCIT Vs Mangalore Refnery & Petrochemicals Ltd. (Bombay High Court)

The issue under consideration is whether the charge of interest under sections 234B and 234C on the book profit was not justified?...

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Retention money taxable in year of contract condition fulfillment

DCIT Vs EMC Limited (ITAT Kolkata)

Right to receive the retention money is accrued only after the obligations under the contract are fulfilled and the assessee had no vested right to receive the same in this assessment year, therefore, it would not amount to an income of the assessee in the year in which it is retained....

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No Section 234B Interest for Advance Tax Shortfall due to Retrospective Amendment

DCIT Vs Reliance Industries Ltd. (ITAT Mumbai)

Whether the interest u/s 234B for less payment of advance tax will be levied on account of additions made to total income, consequent to retrospective amendment?...

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