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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
