"Where any outstanding liability, inclusive of any accrued interest is waived in accordance with the approved Resolution Plan, such waiver/write-back should not be subject to tax under both normal and Minimum Alternate Tax (MAT) provisions of the Income-tax Act, 1961," Assocham said in a letter to Central Board of Direct Taxes (CBDT).
In a note submitted to the Central Board of Direct Taxes Chairman Sushil Chandra, the chamber said that in the absence of a provision for exemption from MAT for such a company, any plan for its revival shall become unworkable and unviable due to the huge and immediate cash flow required to meet the corporate tax liability payable immediately under MAT.
Reporting under Indian Accounting Standards (Ind AS) may significantly impact tax-planning strategies for many deals and will also have a high impact on key performance indicators of companies, says author Jigar Parikh.
Developers The union budget provided a significant boost for affordable housing, by granting it an industry status and all the listed real estate stocks reacted positively. However, whether these incentives will entice the developers R
An additional five years to carry forward MAT credit will not bring much relief, instead start- ups hope for incentive to improve their balance sheets.
Corporate tax rate is now reduced to 25 percent (plus applicable surcharge and education cess) for domestic companies having total turnover/ gross receipts in the previous year (2015-16) not exceeding Rs 500 million
Considering that Ind AS requires significant use of fair values, this would mean that several potentially large items of gains and losses that are recognized in the P&L would now be considered for MAT calculations.
Siddharth Chopra, a resident of Mumbai, was glued to the television news channels, during the live telecast of the Union Budget 2017-18. Like many, he was expecting a bonanza for middle-class affordable home buyers. R
Minimum Alternate Tax is at present levied as an advance tax.
To boost capital investment in manufacturing sector in future, it is expected that the existing benefit for additional deduction of 15 percent in respect of acquisition and installation of new plant and machinery to be extended for investments beyond March 31, 2017
Post demonetisation, the real estate industry expects the government to initiate measures that boost â€˜consumption‘, during the upcoming budget. The challenge for the government, is to grow the economy while maintaining fiscal prudence. A R
From exempting startups from minimum alternate tax (MAT) to reducing taxes on capital gains, tech industry has lined up a slew of recommendations for startups
The extent of the cut in MAT‘s rate will depend on the reduction in headline corporate income tax rate that the finance minister is expected to announce in the budget
A tax free universal health insurance scheme would encourage all those people who have yet to enter the health insurance market, to consider investing in the scheme to avail of quality healthcare.
Demonetisation is behind and Digital is ahead; Budget is an event to reward the honest tax payer.
In the Budget, the Finance Minister said that the income tax benefits benefit new SEZ units will be available to those units which commence activity before March 31, 2020.
BSNL has earmarked capital expenditure of Rs 7,317 crore for 2016-17, while Bharat Broadband Network Limited, which is implementing the national optical fibre network, has investment plans of Rs 9,418.67 crore for the next fiscal
India Inc expects the Budget to simplify tax laws and increase compliance, apart from improving both the ease and cost of doing business.
Government had imposed 0.5 percent Swachh Bharat cess on taxable services from November 15, 2015. With the imposition of the cess, service tax rate has gone up from 14 percent to 14.5 percent.
Industry bodies such as CII and Ficci suggested that the withdrawal of incentives should be in tandem with the reduction in corporate tax rate besides removal or reduction of minimum alternate tax (MAT).
2016: Make Or Break Year?
Economic Affairs Secretary Shaktikanta Das said the Mimimum Alternate Tax (MAT) will become irrelevant over a period of time once the corporate tax rate is lowered.
Export Promotion Council for EOUs and SEZs (EPCES) said that imposition of Minimum Alternate Tax (MAT) has adversely impacted the growth of SEZs.
By: Sakya Singha Chaudhuri & Avijeet Lala, HAS Advocates
Some of the big-ticket investments in the last 6 months include, Singapore's GIC investing USD 300 million in DLF's upcoming projects. Two, Warburg Pincus and Goldman Sachs together investing USD 350 million in Piramal Realty