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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT unveils framework for calculating book profits for MAT u/s 115JB, aligning with Indian Accounting Standards.</h1> The Central Board of Direct Taxes (CBDT) has released a framework for calculating book profits for Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961, applicable to companies compliant with Indian Accounting Standards (Ind AS). The framework, based on recommendations from a committee, outlines adjustments to net profits, excluding net other comprehensive income, for MAT purposes. It addresses the treatment of notional/unrealized gains and losses, aligning with the Companies Act, 2013, and suggests including certain comprehensive income items in book profits at appropriate times. Stakeholders are invited to provide feedback on the proposed framework.
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