Minimum Alternate Tax on book profit increased, expanding taxable base and altering company tax computation for affected assessment years. Amendment raises the Minimum Alternate Tax mechanism in section 115JB by increasing the proportion of book profit used to deem total income and adjust tax payable, effective for the assessment year beginning on the 1st day of April, 2010. It also inserts clause (i) in Explanation 1 to sub-section (2) to include provisions for diminution in the value of any asset in the computation of book profit, with retrospective effect from the assessment year beginning on the 1st day of April, 2001.
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Minimum Alternate Tax on book profit increased, expanding taxable base and altering company tax computation for affected assessment years.
Amendment raises the Minimum Alternate Tax mechanism in section 115JB by increasing the proportion of book profit used to deem total income and adjust tax payable, effective for the assessment year beginning on the 1st day of April, 2010. It also inserts clause (i) in Explanation 1 to sub-section (2) to include provisions for diminution in the value of any asset in the computation of book profit, with retrospective effect from the assessment year beginning on the 1st day of April, 2001.
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