Income Tax : Explore the essentials of Section 43B(h) & Section 15 under MSMED Act for prompt payments & legal compliance in micro, small, and ...
Income Tax : Explore allowance of unutilized MAT credit transfer in company amalgamation. Understand legal provisions, judicial precedents, and...
Income Tax : Learn the meaning of current tax and deferred tax, and how deferred tax assets and liabilities impact a company's financial statem...
Income Tax : Understand Corporate Tax Rates for AY 2021-22, AY 2022-23, AY 2023-24 & AY 2024-25. Learn about exemptions, conditions, and implic...
Finance : A company opting for special rate taxation under section 115BAA and 115BAB of the Act are exempt from paying MAT. Further, a compa...
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 : Relevant part of MAT-Ind AS Committee Report dated 17th June, 2017 containing recommendations regarding amendment to the provision...
Income Tax : On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification ...
Income Tax : PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of exi...
Income Tax : Read the full text of the ITAT Delhi's order on the invalid notice issued before filing ITR, leading to the quashing of the assess...
Income Tax : Explore the ITAT Ahmedabad ruling on Intas Pharmaceuticals Vs ACIT, focusing on working capital adjustment and notional interest o...
Income Tax : ITAT Kolkata ruled that TDS under section 195 is not required for foreign commission payments and liquidated damages are capital r...
Income Tax : In the case of Karur Vysya Bank Ltd. vs. DCIT, ITAT Chennai rejects AO's disallowance of stale drafts, citing precedent and bankin...
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...
Applicability of Section 115JB to insurance companies Turning now to ITA No. 447/2015, the question concerns the applicability of Section 115JB of the Act to insurance companies. The ITAT has permitted the Assessee to raise this question since, in a large number of judgments of the ITAT, the question has been answered in favour of […]
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.
The present Appeal pertains to Assessment year 200405. The learned counsel for the Appellant submits that Tribunal was not justified in not accepting the reworking of the book profits by the Assessing Officer as per the provisions of Section 115JB of the Income Tax Act.
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.
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.
CBDT press release on Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies.
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 various appellate authorities.
