Minimum Alternate Tax computation now treats deferred tax adjustments and expands 'income-tax' to include distribution taxes, interest, surcharge and cesses.

Amendment to section 115JB renumbers Explanation 1 and substitutes its clause to treat the amount of deferred tax and the provision therefor as an adjustment when debited to the profit and loss account, with retrospective effect. It also inserts Explanation 2 clarifying that the amount of income-tax for the cited clause includes tax on distributed profits or income, interest under the Act, surcharge, Education Cess, and Secondary and Higher Education Cess.

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