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of <h1>Understanding Minimum Alternate Tax: Key Adjustments in Book Profits Calculation Under Section 115JB(2) Explained</h1> The computation of book profits under Minimum Alternate Tax (MAT) involves adjustments to the profit shown in the profit and loss account. Key additions include amounts debited for income tax, reserves, unascertained liabilities, subsidiary losses, dividends, and certain exempt income expenditures. Specific provisions for leave encashment, gratuity, and bad debts are addressed. Additionally, expenditures related to income from foreign companies, notional losses, depreciation, deferred tax, and revaluation reserves are considered. Provisions for diminution in asset values and gains on specific unit transfers are also added back to compute book profits, ensuring compliance with section 115JB(2).
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