Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: empanelment :: list of goods taxed at 4% :: due date for vat payment :: TDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« Direct Tax »
 RBI releases draft directions on hedging of commodity price
 Unexplained deposits in focus, taxmen ordered to go all out in the next three months
 Why India’s corporate tax rate should be cut
 Best ways to save tax under section 80C
 Govt may exceed direct tax collection target of FY18 Budget estimates
 CBDT relaxes MAT provisions for companies under corporate insolvency
 CBDT relaxes norms for MAT on firms facing insolvency
  Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 CBDT to appeal for revival of certain deregistered companies
 How the new tax regime fared in India these last 6 months
 Income Tax Slab for AY 2017-18: Know your tax category
 Direct Tax Collections for F.Y. 2017-2018 show Growth of 14.4% up to November, 2017
 LTCG tax on equity may return to haunt D-Street
 Karnataka third highest direct tax contributor
 Towards a robust new direct tax law

CBDT relaxes norms for MAT on firms facing insolvency
January, 08th 2018

As per Section 115JB of the Income Tax Act, MAT is levied on book profit after deducting the amount of loss brought forward or unabsorbed depreciation, whichever is less.

The Income Tax Department relaxed norms for levy of Minimum Alternate Tax (MAT) on companies facing corporate insolvency proceedings on Saturday.

As per Section 115JB of the Income Tax Act, MAT is levied on book profit after deducting the amount of loss brought forward or unabsorbed depreciation, whichever is less.

"With effect from assessment year 2018-19 (FY2017-18), in case of a company, against whom an application for corporate insolvency resolution process has been admitted by the adjudicating authority under...the IBC, the amount of total loss brought forward (including unabsorbed depreciation) shall be allowed to be reduced from the book profit for the purposes of levy of MAT under section 115JB of the Act," it said.

This has been done to minimise the genuine hardships faced by such companies, said the Central Board of Direct Taxes (CBDT).

Lenders of those companies, which have defaulted on loans, have been approaching the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions