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Income Tax - Highlights / Catch Notes

Home Highlights October 2015 Year 2015 This

Computation of MAT tax liability - the tax liability arising ...

Income Tax

October 12, 2015

Computation of MAT tax liability - the tax liability arising under normal provisions of the Act and u/s 115JB of the Act should be compared before allowing rebate u/s 88E - AT

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  2. MAT credit on the difference between gross tax liability as per normal provisions and MAT provisions as claimed by assessee in ITR instead of base tax as per normal...

  3. Computing MAT liability under the provisions of sec.115JB, deduction u/s 80HHC shall be allowed after setting off losses suffered on export of trading goods - AT

  4. Penalty u/s 271(1) (c) - additions/ disallowances made under normal provisions of the Act, if ultimately the tax liability is determined u/s 115JB - No penalty

  5. Book adjustments u/s 115JB - Insurance company - Minimum alternate tax (MAT) - these companies cannot be treated differently for the purpose of sec. 115JB - provisions...

  6. Kerala State Electricity Board is not liable to tax under MAT provisions - 115JB

  7. Minimum Alternate Tax (MAT) u/s 115JB - interpretation - reduction of exempted income u/s 80-IB from book profit u/s 115JB - not allowed - HC

  8. Tax liability due to MAT u/s 115JB is subject to advance tax and in case of failure to deposit advance tax, interest u/s 234B is payable - SC

  9. MAT applicability - Provisions of sec.115JB are not applicable to the banking company - AT

  10. Rebate u/s 88E of the STT paid while working out the tax under the provisions of Minimum Alternate Tax (MAT) as specified u/s 115JB - rebate u/s 88E had to be allowed...

 

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