Suspension of insolvency professional registration prevents continued Resolution Professional appointments and restricts interim stays that effectivel...
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Minimum alternate tax does not apply to a banking company governed by the Banking Regulation Act, 1949. Leave-salary or leave-encashment liability may accrue under mercantile accounting, but its deduction is deferred until actual payment; an unpaid provision is not deductible. An uninterrupted power supply used solely to support a computer system, without evidence of independent use, forms an integral part of that system and qualifies for depreciation at the computer-equipment rate. The tax treatment therefore excludes regulated banking companies from minimum alternate tax and allows the higher computer-equipment depreciation rate, while denying deduction for unpaid leave-encashment provisions.
Minimum alternate tax does not apply to a banking company governed by the Banking Regulation Act, 1949. Leave-salary or leave-encashment liability may accrue under mercantile accounting, but its deduction is deferred until actual payment; an unpaid provision is not deductible. An uninterrupted power supply used solely to support a computer system, without evidence of independent use, forms an integral part of that system and qualifies for depreciation at the computer-equipment rate. The tax treatment therefore excludes regulated banking companies from minimum alternate tax and allows the higher computer-equipment depreciation rate, while denying deduction for unpaid leave-encashment provisions.
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