Income Tax - Section 115JB of the Act provides for MAT at the rate of fifteen per cent of its book profit, in case tax on the total income of a company computed under the provisions of the Act is less than the fifteen per cent of book profit. Book profit for this purpose is computed by making […]...
Read MoreIncome 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 ...
Read MoreIncome 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 […]...
Read MoreIncome 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. ...
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreIncome 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....
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreIncome 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...
Read MoreBatliboi Limited Vs DCIT (ITAT Mumbai) - Batliboi Limited Vs DCIT (ITAT Mumbai) Issue regarding non-taxability of Rs.4,27,43,000/- by treating the same as capital receipt for the purpose of Section 115JB of the Act though not claimed before the lower authorities by the assessee, is being claimed for the first time before this Tribunal. We ...
Read MoreGo Airlines (India) Limited Vs DCIT (ITAT Mumbai) - Go Airlines (India) Limited Vs DCIT (ITAT Mumbai) We are concerned with the computation of book profits u/s.115JB of the Act wherein one of the items eligible for reduction would be the lower of brought forward cash loss or brought forward depreciation loss as per books of accounts. We find that pro...
Read MoreBank Of India Vs ACIT (ITAT Mumbai) - Bank Of India Vs ACIT (ITAT Mumbai) We find that Section 11 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, provides that ‘for the purposes of the Income Tax Act, 1961, every corresponding new bank shall be deemed to be Indian company and a company in which publi...
Read MoreCIT Vs United India Insurance Company (Madras High Court) - CIT Vs United India Insurance Company (Madras High Court) Since the provision has been made applicable to the Insurance companies as well with effect from 01.04.2003, the Tribunal has to decide the issue on merits for the assessment year 2013-2014 and decide as to whether the assessing officer was r...
Read MoreReliance Industries Ltd. Vs ACIT (ITAT Mumbai) - Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) The issue under consideration is whether deletion of addition of sales tax incentive/ subsidy as capital in nature is justified in law? In the present case, the assessee in this case is engaged in the business of oil and gas exploration, refining of cru...
Read MoreCircular 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....
Read MoreNotification 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...
Read MoreCircular 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....
Read MoreNA - (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....
Read MoreF.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...
Read MoreBatliboi Limited Vs DCIT (ITAT Mumbai) -
Go Airlines (India) Limited Vs DCIT (ITAT Mumbai) -
Bank Of India Vs ACIT (ITAT Mumbai) -
CIT Vs United India Insurance Company (Madras High Court) -
Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) -
Bector Food Specialties Ltd Vs JCIT (ITAT Chandigarh) -
Best Trading and Agencies Ltd. Vs. DCIT (Karnataka High Court) -
Flemingo Travel Retail Limited Vs DCIT (ITAT Mumbai) -