Minimum alternate tax rate change reduces MAT and excludes life insurers and opted companies from its scope. Amendment to section 115JB substitutes a lower fixed minimum alternate tax rate in subsection (1) for the previous year relevant to assessment years commencing on or after 1 April 2020 and, by replacing subsection (5A), excludes income of companies from life insurance business and persons who have exercised specified option provisions from the operation of section 115JB.
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Provisions expressly mentioned in the judgment/order text.
Minimum alternate tax rate change reduces MAT and excludes life insurers and opted companies from its scope.
Amendment to section 115JB substitutes a lower fixed minimum alternate tax rate in subsection (1) for the previous year relevant to assessment years commencing on or after 1 April 2020 and, by replacing subsection (5A), excludes income of companies from life insurance business and persons who have exercised specified option provisions from the operation of section 115JB.
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