Regulatory Updates: Income Tax - Clarifications on Computation of Book Profit for the Purpose of Levy of Minimum Alternate Tax (MAT)

The Central Government notified the Indian Accounting Standards (Ind AS) which are in-line with International Financial Reporting Standards (IFRS). Consequently, the Finance Act, 2017, has amended the provisions of section 115JB of the Income-tax Act, 1961 (‘the Act’) for Ind AS compliant companies w.e.f. 1 April 2017. The Central Board of Direct Taxes ('the Board ') has received representations from various stakeholders seeking clarifications on certain issues arising therefrom. The Committee after considering the representations has issued clarifications by way of FAQs. The FAQs may be accessed on the below link. Source

Contact us for a Solution

Contact us for more information about our services and how we can help

Contact
Disclaimer

As per the rules of the Bar Council of India, we are not permitted to advertise or solicit work. By accessing and browsing through this website, all users agree and acknowledge that the content of this website is for informational purposes only and that there has been no form of solicitation, advertisement or inducement by NovoJuris Legal or its members, in any form. No information provided on this website should be construed as legal advice and NovoJuris Legal shall not be liable for consequences of any action taken by relying on the information provided on this website.