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of <h1>Committee Proposes MAT Book Profit Computation Adjustments Under Section 115JB for Ind AS Companies</h1> A committee report addresses the computation of book profit for Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961, for companies adopting Indian Accounting Standards (Ind AS). It recommends that adjustments to retained earnings on transition related to fixed and intangible assets, including revaluation impacts, be ignored for MAT purposes. For lease rentals straight-lining adjustments and fair value changes in financial instruments recognized at transition, the report suggests spreading the inclusion of such retained earnings adjustments in book profit over three years to mitigate one-time tax impact. Depreciation and gains/losses on asset disposals should exclude transition adjustments. The committee proposes these recommendations be published for public consultation while continuing to examine other stakeholder concerns.
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