India Reforms Accounting Process – Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961

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Arun Jaitley - MIC
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Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.

A Committee had been constituted, with the approval of  the Finance Minister,  to suggest the framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter. The Committee submitted its report dated 18th March, 2016 regarding the said framework.

The above report of the Committee was placed on public domain for inviting comments from general public and stakeholders. Subsequently, the comments received from the stakeholders were forwarded to the Committee for examination. The Committee submitted its recommendations/suggestions vide report dated 23rdJuly, 2016 on the certain issues raised by stakeholders which are now placed on www.incometaxindia.gov.in

The stake holders and general public are requested to furnish their comments/suggestions in respect of the recommendations/suggestions made by the Committee in its interim report dated 23rd July, 2016. The comments/suggestions may be submitted by 20th August, 2016 at the email addresses ([email protected]) or by post at the following address with “Computation of book profit for Ind-AS compliant companies” written on the envelope:

Director (Tax Policy & Legislation)-III

Central Board of Direct Taxes,

Room No.147-G,

North Block,

New Delhi-110001

Source:pib.nic.in

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Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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