Minimum alternate tax computation revised to update base date and include depreciation adjustments and revaluation reserve treatment.

Amendment revises the minimum alternate tax computation by changing the base date to 1 April 2007, increasing the specified percentage to ten per cent, and altering the Explanation to include depreciation debited to the profit and loss account (excluding revaluation depreciation) and withdrawals from revaluation reserve credited to profit and loss account-limited to the corresponding revaluation depreciation-as adjustments in computing book profit, together with updated cross references to exempt income provisions.

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