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Income Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

MAT applicability - The provisions of section 115JB of the act ...

Income Tax

December 5, 2015

MAT applicability - The provisions of section 115JB of the act are not applicable in the case of the Banks and the amendment brought in section 115JB of the Act read with Explanation 3 thereon by the Finance Act 2012 is applicable only with effect from Asst Year 2013-14- AT

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

  2. MAT applicability to the assessee Banking Companies u/s 115JB - the provisions of Section 115JB(2) of the Act do not apply to the Banking companies.

  3. MAT - Addition of Book Profits u/s 115JB – Dividend Stripping u/s 94(7) - The Explanation (f) of Section 115JB was clearly applicable in case of the appellant - AT

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

  5. MAT computation u/s 115JB - unabsorbed depreciation adjustment - the brought forward loss or unabsorbed depreciation as per the books and as per the provisions of...

  6. Scope of applicability of MAT u/s 115JB - Considering amendments and the provisions existing prior to 01.04.2013, we notice that prior to 01.04.2013 the type of...

  7. MAT - Provision for bad and doubtful debts are required to be added to book profit as per clause (i) of explanation [1] to subsection [2] of section 115JB - AT

  8. MAT - Section 115JB - assessee is trying to compute the brought forward losses under the normal Income-tax Act provisions and not under the Companies Act - not allowed - AT

  9. Applicability of MAT section 115JB to the assessee being a Banking Company - there is not a single decision of the Jurisdictional High Court or even of any other Hon’ble...

  10. MAT - Deduction for provision of bad and doubtful debts while computing book profits u/s.115JB - There is absolutely no quarrel that the case does not fall under Clause...

 

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