« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  New IT Act in next session... For taxman, savings must all be the same... » MAT on real February, 15th 2008 MAT on real income only The Mumbai Tribunal has held that minimum alternate tax is levied on real book profits which have been earned by the companies. It cannot be levied on the artificial income, which has not accrued to the companies, but has been credited to the profit and loss account as per the accounting policies. In the case considered by the tribunal in this respect, the assessee was entitled by a scheme of government, to defer the payment of the sales tax collected, and was crediting the same to separate account as deferred liability. In the relevant year it revalued the liability at its present value and credited the difference to the profit and loss account. While computing book profits under section 115JA, it deducted the revaluation profit. The assessing officer disallowed the same. The Tribunal observed that items not having the character of the income should not form part of the book profit even though such items are credited to the profit and loss account. Deduction for demat expenses THE Bangalore Tribunal has recently said that amount paid to NSDL as one-time charges for converting its shares from physical certificate into dematerialise form are allowable expenditure under section 37(1). The assessee company paid certain amount to NSDL as one time charges for converting its shares from physical form to dematerialised form and claimed deduction of the same as a revenue expenditure. The AO held that since it was the liabilities of the respective shareholders to get shares converted into demat form and not that of the assessee-company, hence the expenditure was not allowable and even if liability was to be treated as that of assessee, the same was not allowable as revenue expenditure as the assessee derived an enduring benefit.