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Income Tax - Highlights / Catch Notes

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MAT computation - Assessment u/s 115JA - AO does not have the ...

Income Tax

March 31, 2016

MAT computation - Assessment u/s 115JA - AO does not have the jurisdiction to go beyond the net profit shown in the profit and loss account except to the extent provided in Explanation to Section 115JA of the Act - AT

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  2. Addition of provision made for doubtful debts while computing book profit u/s 115JA - Minimum alternate tax (MAT) - Said amount is to be added to the book profit - HC

  3. MAT computation - the assessee's lease equalisation charges have to be added to its book profits under section 115JA - AT

  4. MAT - Deduction u/s 80HHE to be worked out on the basis of adjusted book profit u/s 115JA - SC

  5. Assessment u/s 115JA - MAT - Levy of interest u/s 234B and 234C on retrospective levy of tax - Interest cannot be levied with retrospective effect - HC

  6. MAT /s 115JB - AO has no jurisdiction to alter the book profit u/s 154 through rectification order in respect of upward adjustment of international transaction.

  7. MAT Computation - Even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...

  8. MAT Computation - even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...

  9. MAT - As the amount of revaluation reserves had not gone to increase the book profits at the time it was created, the benefit of reduction cannot be allowed.

  10. MAT - Interest u/s 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under Section 115JA/115JB.

 

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