Clarifications on computation of book profit for the purposes of ...

Income Tax

July 25, 2017

Clarifications 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 - Circular

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Clarifications on computation of book profit for the purposes of ...

Income Tax

July 25, 2017

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Minimum alternate tax (MAT) - profit from sale of agricultural land, which is not a “Capital Asset”, cannot be included for the purpose of computing book profit u/s 115JB - AT

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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

Addition u/s 14A r.w.r. 8D - Addition under special provision u/s 115JB - Minimum Alternate Tax (MAT) - the case revolved around the disallowance made under Section 14A...

Minimum Alternate Tax (MAT) - Sec.115JB cannot be applied to the banking company. - AT

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