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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

MAT u/s 115JB - assessee is entitled to reduce an amount on ...

Income Tax

May 4, 2016

MAT u/s 115JB - assessee is entitled to reduce an amount on account of withdrawal from the provision for ESOP from the taxable book profit in the working of MAT - AT

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  1. While computing MAT u/s 115JB, dividend tax paid should not be reduced from the book profit of the assessee company - AT

  2. MAT computation - exclusion of income of SEZ unit while computing Book Profit u/s 115JB - book profit computed under section 115JB will not include income of SEZ Unit - AT

  3. MAT computation - amount disallowed under Sec. 14A cannot be added to arrive at the book profit for the purposes of Sec. 115JB - AT

  4. 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

  5. MAT computation - assessee’s interest income and profit on sale of Mutual Funds would not form part of the computation of ‘book profits’ u/s 115JB - AT

  6. Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

  7. Adding back transfer pricing adjustment to income assessed u/s 115JB (MAT) - AO erred in adding back the transfer pricing adjustment of the book profits u/s 115JB - AT

  8. 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

  9. 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

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

 

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