Minimum alternate tax rate revised and base-year applicability shifted; Explanation expanded to include provisions for asset diminution. Amendment updates the base date and increases the minimum alternate tax rate in section 115JB and inserts in Explanation 1 that amounts set aside as a provision for diminution in the value of any asset are to be treated among specified debits reducing book profit for computing tax under that provision, with the substitution given retrospective effect for the Explanation.
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Provisions expressly mentioned in the judgment/order text.
Minimum alternate tax rate revised and base-year applicability shifted; Explanation expanded to include provisions for asset diminution.
Amendment updates the base date and increases the minimum alternate tax rate in section 115JB and inserts in Explanation 1 that amounts set aside as a provision for diminution in the value of any asset are to be treated among specified debits reducing book profit for computing tax under that provision, with the substitution given retrospective effect for the Explanation.
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